FINANCE EXPLAINED
Belmont offer a range of finance products to suit your needs, including:
- Hire Purchase (HP)
- Personal Contract Purchase (PCP)
- Personal/Business Contract Hire (PCH/BCH)
Hire Purchase HP — How it works
Hire Purchase (HP) could help you buy your dream car whilst spreading the cost.
• You’ll agree an initial deposit, your agreement term and your monthly repayments with the dealer.
• Your deposit is taken from the price of the car.
• You’ll then pay the remaining balance plus interest in equal monthly repayments over the agreed term.
• Suzuki Finance buys the car on your behalf and owns the car for the duration of the finance agreement.
• After you’ve made all the repayments including any interest, you will become the owner of the vehicle.
Personal Contract Purchase PCP — How it works
Personal Contract Purchase (PCP) can help you to buy your dream car with lower monthly repayments than a hire purchase product as a large proportion of the amount you repay is deferred into an optional final repayment. You will pay more interest on a PCP agreement than a HP agreement for the same loan amount, term and APR* as your balance reduces more slowly due to the optional final repayment.
• Agree an initial deposit and term with the dealer and decide how many miles you’ll travel each year. It's important that you agree a mileage which is as accurate as possible as any excess mileage (i.e. over the agreed limit) will be subject to an additional mileage excess charge.
• The dealer will then work out the monthly repayment amount and the optional final repayment amount, which is based on the anticipated value of the vehicle at the end of the agreement.
• At the end of your agreement, you can part exchange the vehicle, return the vehicle (return conditions apply) or pay the optional final repayment and own the vehicle.
• Suzuki Finance buys the car on your behalf and owns the car for the duration of the finance agreement.
• After you’ve made all the repayments including the optional final repayment and any interest, you will become the owner of the vehicle.*
*APR, or Annual Percentage Rate, refers to the total cost of charges including interest and other fees on your finance agreement, over a year. APR can help you compare different offers and enables you to make an informed decision about which funding agreement is best for you.