Wimbledon Park Honda Finance
What is Personal Contract Purchase (PCP)?
With the Personal Contract Purchase at Wimbledon Park Honda, you get the chance to choose your vehicle, along with the deposit, the length of the agreement and the maximum mileage. Once the agreed period is over, you then have the option to purchase the vehicle outright for a pre-agreed amount, which is known as the Guaranteed Minimum Future Value (GMFV). If, however, you do not wish to purchase the car, you can always return it to the lender (within agreed fair wear and tear limits) with absolutely no further obligation.
Benefits of PCP
- Drive new Hondas more often
- Deposits are flexible
- Repayment terms are flexible
- Usually a lower repayment, compared to a HP agreement with the same term
- Fixed rates
- No need to worry about depreciation of used car prices due to GMFV assurance
- Option to renew, return or own the vehicle come the end of the agreement
Once the agreement has come to its end you can then choose from the three following options:
Option 1 - You can renew your vehicle and on the same day leave with a brand new Honda. And, you can use any excess value over the GMFV as a deposit on your new vehicle.
Option 2 - You can also return your car, providing the vehicle does not exceed agreed fair wear and tear limits and has not exceeded the agreed mileage. Once it has been returned you will having nothing more to pay.
Option 3 - Retain your vehicle. Pay the GMFV and you own the vehicle.
What is Hire Purchase?
Here at Wimbledon Park Honda we offer this traditional package, which involves taking the total cost of your chosen vehicle, deducting a deposit amount, and then choosing the length of the agreement. Interest is added, and monthly instalments are calculated. Then, at the end of the agreement, assuming all the payments are met, the vehicle is yours.
Benefits of HP
- Flexible deposit
- Regular and flexible repayment terms from 12 to 60 months
- Fixed rates
- You own the vehicle at the end of the agreement
What is Personal Contract Hire?
Here at Wimbledon Park Honda we offer PCH, which is a contract hire agreement that is suitable for renting selected Honda vehicles. At no point in the agreement will the Honda belong to you, so you cannot sell it, however, it is still a great offer. It is based on mileage and it is therefore very important that the agreement is reflective of your projected annual mileage. With PCH from Wimbledon Park Honda, you will pay an agreed number of advance rentals plus VAT followed by remaining rentals plus VAT for the contract term. The vehicle must then be returned to the finance house.
Why choose Personal Contract Hire?
- Low initial payments usually 3, 6, 9 or 12 advance rentals including VAT
- Fixed prices 2, 3 or 4 year rentals plus VAT. Rentals are fixed and do not change with interest rate movement (excluding VAT changes)
- Full term road fund license
- Full term breakdown cover
- In the event of a breakdown you will have optional vehicle replacement available for 48 hours, if the breakdown is attended by the AA on the roadside
- No depreciation concerns
- Optional maintenance packages available so all service, repair and maintenance costs are budgeted for
- Mileage amendments usually can be made to the contract during the term