Personal Contract Purchase (PCP)
You want a new vehicle every few years. You want to make lower monthly payments and have flexibility at the end of your agreement.
There are a range of options available to help you finance your car. One option that may be right for you is Jaguar Privilege, a Personal Contract Purchase (PCP) agreement with fixed monthly repayments and a choice of options at the end of the agreement. Under this plan your car purchase will be supported by one of our approved finance providers. Thereafter it will be your responsibility to make the agreed monthly payments for the duration of the agreement. A portion of your car's value will be deferred until the end of the agreement – called the Guaranteed Future Value – which is the minimum value that we can guarantee your vehicle will be worth. At the end of your agreement period, you will be presented with three options: part-exchange the vehicle for a new car, pay the optional final payment and retain the car or return your car with no further payments (subject to terms and conditions).
Hire Purchase (HP)
You want to own a new or used Jaguar outright at the end of the plan.
You may opt to buy your car through Hire Purchase (HP). After paying an initial deposit, you then pay the remainder of the value of the car in instalments, normally over a period of between one and five years. In effect you are hiring the car until you make your final payment after which you will own it.
Balloon Hire Purchase
You want lower monthly payments. You want to own the car outright.
Balloon Hire Purchase is similar to PCP in that you can keep your monthly payments lower by deferring a proportion of the amount of credit to the Final Payment at the end of the agreement, but do not have the option to return the vehicle at the end of the agreement.
Advanced Payment Plan (APP)
You want to pay for a new car outright – but not all at once. If you want flexibility at the end of your agreement, an Advanced Payment Plan may be right for you.
APP is a derivative of a Personal Contract Purchase, however there are no monthly payments. You make one single, upfront payment based on your vehicle's Guaranteed Minimum Future Value. (GMFV) The GMFV is deducted from the price of your vehicle, and you simply pay the remaining balance as a single upfront payment.
There is also the option of a Personal Loan, which is a common way for people to buy a car on finance. Personal loans can be taken from banks, building societies and finance companies and duration of the payment of the loan can vary depending on what you agree beforehand with the loan company. Loans from banks for cars can be paid off over a number of years, and will have a fixed rate of interest.
Personal Contract Hire (PCH) / Business Contract Hire (BCH)
Personal Contract Hire is a fixed-cost, rental agreement. You pay an initial rental in advance followed by fixed monthly rentals to suit your budget. It works in a similar way to PCP, but the main difference is that ownership of the vehicle would not be assumed at the end of the agreement period and instead the car would be handed back. However another vehicle could then be chosen under the same scheme (subject to credit checks).
Similarly we can offer Business Contract Hire for our business customers.
Please see our pages on each of these finance options for more detail. To find out more on any of these options or about any other ways to make a car purchase, please contact us today. One of our finance experts will be delighted to answer any questions you may have and guide you through the variety of car financing options on offer.