Finance Definitions Personal Contract Hire Hire Purchase




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Finance and Insurance Options

Jennings Ford Direct offers a range of products and services to suit and tailor to the needs of our individual customers. Each of the products is available with any of our quality nearly new used cars. The different finance options available are explained below. To help you choose the suitable option for you, please find our finance options below or contact one of our sales team on 0191 357 5296.

Personal Contract Purchase

Personal Contract Purchase (PCP) allows customers to make an initial payment and then followed by a number of monthly payments over the length of the finance contract. This followed by a final payment at the end of the contract period to keep the car. If you decided otherwise and not to pay the final payment you can simply return the car with nothing further to pay

What can I do at the end of my contract?

  • You can return the vehicle at the end of your contract. As long as you have not exceed your contracted mileage, then you have nothing more to pay.
  • You can keep your vehicle by paying the final agreed payment.
  • Trade your car in at Jennings Ford Direct for a new one. If the trade-in value is larger than the final payment then the difference can be used towards the deposit on the next purchase.
  • Sell the car privately and keep any profit over the final payment term.

Hire Purchase

With Hire Purchase the buyer pays off the balance of the car through a series of agreed payments over an agreed period of time. The vehicle becomes your property at the end of the contract period.

Working similarly to a traditional bank loan, the loan is secured against the value of the car. This allows larger generally a large credit limit to be agreed.

Lease Purchase

Lease purchase allows a buyer to rent the car over the agreed period of the contract. The payment terms are agrees and set at the start of the contract. Once the contract period has expired the car is simply returned to Jennings Ford Direct with nothing more to pay, along as you have stayed within your contracted mileage allowance. You are then able to choose another car and repeat the process if required.