Finance at Derek Merson
Looking for great finance deals in Minehead?
We can help you even if you have been declined elsewhere, whether you rate as good or poor credit, give us a call or fill out the form above, we have helped hundreds, and we could help you!
Why Choose Car Finance?
Here are some of the advantages of choosing to buy your car on finance: Get a better car, Cost is spread out, Fixed monthly payment, Can be driving a car on a tight budget, Improves credit score, No hassle of selling it on, Deposit contribution on new cars
What is Hire Purchase?
Hire Purchase agreements are a type of credit where once you have paid the total loan amount, you own the vehicle. During the loan term, the financer owns the vehicle. Once you repay them in full, ownership passes to you. Typically, Hire Purchase agreements have higher monthly payments because you are repaying the total car amount. With a Personal Contract Purchase, you repay only part of that amount.
What is Personal Contract Purchase?
Personal Contract Purchase agreements are a type of credit where you pay off instalments to cover part of the cost of a car. Once you have paid off the amount as set out in the agreement, you hand the car back to the owner, who is the financer. Alternatively, if you want to keep the car, you can refinance the remaining cost of it. This is called the balloon payment. It is based on the guaranteed future value (GFV) of the car.