Finance | Rushden, Northants | Croyland Car Megastore

Used Car Finance

Purchasing a quality used vehicle from us at Croyland Car Megastore is simple and affordable, particularly when you take advantage of our convenient finance solutions. Croyland Car Megastore is an independent used vehicle dealership and our contacts include a wide range of trusted lenders offering deals to suit your needs. We are able to offer a tailored, cost-effective car finance plan that is right for you.

Croyland Car Megastore is a relaxed environment in which to find your next vehicle. You will be welcomed by our friendly and approachable team, all of whom have an expert knowledge of our vehicle range. Call or visit to arrange an appointment to ensure a member of the team is available to guide you through our finance options. We are committed to helping you find a deal that suits your requirements and personal circumstances and to get you on the road as soon as possible in your next vehicle.

When using finance to purchase your next car, you need to consider whether you want to trade in your existing vehicle to claim the part-exchange value. Depending on how much your current vehicle is worth you will be able to include this as a part of the investment you are looking to make. Setting a budget for your advance deposit is an important factor, alongside of deciding how many monthly payments you are prepared to make and at what borrowing rate. Your annual mileage will also be taken into account for most car finance agreements so it is good to have a good grasp of what that will be before you head

Contact Croyland Car Megastore in Rushden to explore the hundreds of high-quality Approved Used vehicles we have in stock and the various finance options we offer. Call or visit to speak to a member of our friendly team directly. You can also send the online contact form outside of our listed opening hours, and we will get back to you as soon as we can.

What is Personal Contract Purchase (PCP)?

Personal Contract Purchase (PCP) is a finance product that allows you the opportunity to buy a new or a used car.

It is similar to a Hire Purchase agreement as you will usually pay an initial deposit, followed by monthly installments over a term typically between 18 to 48 months.

What makes PCP different to Hire Purchase (HP) is that your monthly installments are paying off the depreciation of the car, and not its entire value, over the course of the term. Then, when you get to the end of your agreement, there is a final, balloon payment that must be made if you want to keep the car. The balloon payment is often referred to also as the Guaranteed Future Value (GFV).

How does PCP actually work ?

Close

When you have chosen your vehicle, you will then agree your annual mileage and decide on the agreement term with one of our Business Managers.

We will then determine the Guaranteed Minimum Future Value (GMFV) of the vehicle at the end of the agreement and work out a deposit and monthly amount that works for you.

At the end of your agreement you will then have three options:

Return – Simply return the car the back to us
Retain – Keep the car by paying the optional final payment
Renew – Trade it in for another car

For a quotation, help, or advice contact your local dealership and ask to speak to one of our Business Managers at your local %group_name% 

What are the advantages of PCP ?

Close
  • Monthly payments on a car financed by PCP are usually lower than if your car is financed by a Hire Purchase agreement.
  • If you decide not to buy the car, you can simply walk away when you've made all the payments.
  • Similar to PCH, you can drive away a new or used car every few years (dependent on the chosen term) without worrying about selling it on.
  • If your car is worth more than the Guaranteed Future Value then you can use that equity towards a deposit on a new car.

What should you consider when option for a PCP ?

Close
  • If you want to buy the car you will need to pay your final balloon payment (the Guaranteed Future Value).
  • Similar to PCH, you will need to agree on a mileage allowance at the beginning of your contract and there may be excess mileage charges if you exceed this.
  • You won’t be able to sell the car without settling the finance.
  • You won’t own the car until you have made all of your repayments.
  • You’ll need to keep the car properly insured, maintained and in your possession until the full value is paid off.

Can I settle my PCP agreement early ?

Close

You can normally settle your agreement early by asking the finance company to provide you with a settlement figure. However, the finance company will require you to pay off the difference between what your car is worth, and what you still owe and there may be a difference which is known as negative equity. On the other hand, you may find that at the end of your term your car is worth more than the Guaranteed Future Value, which means you will have some positive equity to contribute towards your next car.

What is Hire Purchase (HP)?

Hire Purchase is a way to finance buying a new or used car. You will normally pay an initial deposit and will pay off the entire value of the car in monthly installments. When all the payments are made, the Hire Purchase agreement ends, and you own the car outright.


what are the advantages of HP ?

Close
  • You’ll be able to drive away a car that you may not have managed to buy outright.
  • Unlike a PCP or PCH contract, you won't need to estimate your mileage at the start of your Hire Purchase agreement, so you'll avoid excess mileage charges.
  • Once you’ve made your final monthly payment, including the option to purchase fee, you'll have full ownership of the car.

What should you consider when opting for HP ?

Close
  • Monthly payments may be higher than some other finance options, such as PCP, as you're paying off the full value of the car.
  • You won’t be able to sell the car without settling the finance.
  • You won’t own the car until you have made all of your repayments.
  • You’ll need to keep the car properly insured, maintained and in your possession until the full value is paid off.

Can I settle my HP agreement early ?

Close

The short answer is yes, you can end your finance early. There are different provisions within each finance agreement that allows you to do just that. If you have got through two-thirds of the way through your finance agreement, the options to end the finance agreement early open up.

For a Hire Purchase agreement, there is an option of paying it off early through a settlement fee. A settlement fee covers the cost of any remaining unpaid instalments and interest payments remaining on the agreement. Once the settlement fee is paid, you take full ownership of the car early.

Under a Personal Contract Purchase agreement, you can also pay a settlement fee for bringing the agreement to an end early. After that, you can choose to hand the car back or you have a second option. Through a PCP agreement, you can take full ownership of the car by paying off the remaining Guaranteed Minimum Future Value also known as a balloon payment.