A lot of people arrange their vehicles on contract hire so they have one fixed monthly payment and do not have the hassle of selling their vehicle at the end of the contract. By doing this they do not suffer any depreciation on the vehicle and can drive a vehicle they do not have the cash to buy outright.
However, when the lease is up the vehicle must be returned. Then it is time to look for a replacement. Not everyone can find a new vehicle they like to replace it with, or may not be able to afford the new monthly payments or simply just want to keep their existing vehicle
Not many people know you can actually re-finance your existing lease car by requesting a purchase from the bank who funded the vehicle.
There are 2 options Hire purchase and Personal contract purchase
By doing this you keep the vehicle you know and love and lower your monthly payments. Also you have the flexibility of selling it if a great lease hire deal comes up.
Hire purchase or Personal contract purchase can be taken out over a period of 2-5 years depending on the age and mileage of the vehicle.
Please call us for more information.
Andrew has been in the motor trade for over 20 years. What he enjoys most about his job is the team spirit and the dedication of his work colleagues. He also appreciates the teams input in the improvement of the company.
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1 Comment
Hi
I have a Mercedes E250d 2010 reg No LN10UVT on finance with MB Finance on a three year term 15000 Miles/Annum and pay £425/month. I want to reduce the term, sort of, to two years and hopefuly change the vehicle. What do you suggest or recommend?
Chris