Vehicle Finance

Car Spoecialist is pointing to Vehicle Finance options

There are several different ways to finance your new car and at Blackshaws we want to make sure you pick the right option to suit your own individual lifestyle.  That is why we have experienced sales staff at both our Alnwick and Morpeth branches to listen to your needs and find the right plan for you.

At Blackshaws we can provide competitive rates, affordable monthly payments and flexible deposits.  We won’t ask you any intrusive questions and our process is very quick and simple.  In fact we can get a quick decision on your Finance while you wait in the dealership.

Three of our Finance options - Hire Purchase (HP), Personal Contract Plan (PCP scheme) and Personal Contract Hire (PCH) - are outlined below:

Hire Purchase (HP)

This is the traditional way to finance your car.  All you have to do is decide on an amount for your deposit and the length of time you wish to pay for your car.  The size of your deposit and the period of your agreement can be tailored to your individual requirements (within our product parameters).  We will calculate the interest and work out what your fixed monthly payment will be.  This will remain the same for the full term of your agreement and is unaffected by interest rate changes so allowing you to budget your monthly outgoings with confidence.  At the end of the agreement you will own the car.

Personal Contract Plan (PCP)

This payment method offers you the freedom to change your car every 2 to 3 years (subject to status).  At the start of the agreement we will guarantee what the value of your car will be at the end of your agreement.  This is known as your Guaranteed Future Value or GFV.  With a Personal Contract Plan you can again choose the level of your deposit and the length of time for your agreement and we will work out your fixed monthly payment.  However at the end of the agreement you will have 3 options as follows:

  • You can part exchange your car with Blackshaws and set up a new Personal Contract Plan using any amount over the GFV as part of your deposit on your new car.
  • You can pay the GFV and take ownership of your car.
  • You can simply return your car to Blackshaws with nothing more to pay (subject to final mileage and condition of the car).

Personal Contract Hire (PCH)

Personal Contract Hire (PCH) is a car leasing arrangement over a set period of time (between 24 and 60 months) with an agreed annual mileage. A PCH enables drivers to have access to new vehicles with a fixed monthly payment without the drop in value associated with owning a new vehicle outright. Under PCH, drivers also have the option to include servicing and maintenance costs if they opt for a fully maintained lease agreement. This means all motoring costs can be budgeted within one single monthly payment.

At the end of a Personal Contract Hire agreement the vehicle has to be returned to the finance company in a condition that meets the British Vehicle Rental and Leasing Association ‘Fair wear and tear’ guidelines, otherwise charges may be incurred. There is no option to own the vehicle with PCH but at the end of the term a new agreement can be set up with another new car.

If you would like advice on Finance for your car please contact a member of our sales team on either Alnwick 01665 602202 or Morpeth 01670 719478 so that we can explain these options to you in more detail.

Blackshaws Garage (Alnwick) Limited is an appointed representative of ITC Compliance Limited which is authorised and regulated by the Financial Conduct Authority (their registration number is 313486). Permitted activities include advising on and arranging general insurance contracts and acting as a credit broker not a lender. We can introduce you to a limited number of finance providers and may receive differing levels of commission from each of them for the introduction. All finance applications are subject to status, terms and conditions apply, UK residents only, 18’s or over. Guarantees may be required.

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