One of the biggest decisions you will make when it comes to choosing a new car is what sort of finance agreement you are going to get. We get asked quite a lot about the differences between personal contract purchase and personal contract hire. It’s understandable, they are quite similar. However, there are some key differences that could be the decider in which agreement is best for you. So, in this article we’ll be looking at what personal contract purchase is, what personal contract hire is, and the main differences between the two. What is personal contract purchase? Designed for private individuals, personal contract purchase offers more flexibility than other agreements...
Guaranteed Minimum Future Value (sometimes also referred to as the GMFV, Optional Final Payment or Balloon Payment) is the amount that a car or van will be worth at the end of your contract term as calculated by your finance company.
When you lease a car, the general idea is to hand the car back at the end of the agreement. That’s what makes it different to buying a car on finance. If you do want the option to own at the end, then you’ll want to look at a finance agreement rather than a lease agreement In this article, we look at the different types of agreement and what sort of options they offer for you to buy your car at the end. When someone leases a car, generally, they have no intention of buying the car. Lease agreements are designed to hand the car back at the end of the contract. Therefore, the sort of contracts you should be looking at are finance agreements. The agreements that explicitly give you the option to own the car at the end are...
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