PCP - Personal Contract Purchase

Personal Contract Purchase is a Suzuki Finance that can help you buy your dream car with lower monthly repayments than a Hire Purchase product. This is because a large proportion of the amount you repay is deferred into an optional final repayment.

The main difference with Personal Contract Purchase, is the option to choose what you do at the end of the agreement. You can part exchange the vehicle, return the vehicle (return conditions apply), or pay the optional final repayment and own the vehicle.

Still unsure whether this is the right finance deal for you? Here’s how PCP works.

You choose your deposit at the beginning of the agreement, and then pay equal monthly repayments with a fixed interest rate, over your chosen period. At the end of the agreement you choose one of the following 3 options:

1. Part Exchange: subject to paying your agreement in full you can part exchange the vehicle at the end of the term or any time during the agreement. New credit agreements are subject to status.
2. Return: You have the option to return the vehicle at the end of your agreement. To avoid incurring charges, the vehicle needs to be in good condition and within the permitted maximum mileage
3. Own: Own the vehicle outright by paying the optional final repayment. This will include a £10 purchase fee.

You will also decide how many miles you’re likely to travel each year (up to 24,000 miles), this will affect your monthly repayments and the optional final repayment amount. Make sure you select a realistic mileage allowance, otherwise excess mileage charges may be incurred if you decide to return your vehicle above the agreed contractual mileage.

Our dealers will be able to talk you through the personal contract purchase options available to you, and will be able to answer any questions you might have.

PCH - Personal Contract Hire

You first choose your new Suzuki car, pay an initial rental in advance, followed by fixed monthly rentals to suit your budget. You can even choose an optional maintenance package as part of your agreement which can help take away the hassle of keeping your vehicle in good condition.

It’s different from Personal Contract Purchase (PCP) because there is no option to purchase the car at the end of the agreement and the vehicle must be returned.

Personal Contract Hire works by choosing from an initial rental payment in advance of 1-12 months, you then set the contract term between 2-5 years.

You then decide your annual mileage limit – the minimum is 5,000 and the maximum varies by vehicle. If your circumstances change during your agreement you may be able to amend your contracted mileage. You can also then decide whether to add an optional maintenance package at an additional cost.

At the end of the contract you must return the car and you’ll have nothing more to pay if the vehicle condition is in line with BVRLA guidelines and hasn’t exceeded the maximum agreed annual mileage.

If the vehicle doesn’t meet the mileage and condition terms, then excess charges will apply.

HP - Hire Purchase

Hire Purchase is a car finance agreement that allows you to spread the cost of buying a car over a period of time, and own the vehicle at the end of the agreement. Ultimately, this means getting a car is more affordable as you can spread the cost of your car over a longer period of time.

With our hire purchase arrangements, you’ll pay a fixed monthly cost for your Suzuki. You'll have flexibility in the amount you pay each month, depending on how much you decide to pay up front, the length of the agreement and the type of Suzuki you choose. It's also worth bearing in mind that credit is subject to status.

You choose your deposit amount at the beginning of the agreement, and then pay equal monthly repayments with a fixed interest rate, over your chosen period. After you’ve made all the repayments including any interest, you will become the owner of the vehicle.

Depending on your credit status, you can:

• Borrow any amount from £3,000 for new vehicles and from £2,000 on used
• Repay over 1-5 years depending upon the age of your vehicle
• Decide on the deposit you would like to pay (no deposit may be available, subject to status)

Our dealers will be able to talk you through the hire purchase options available to you, and will be able to answer any questions you might have.

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