Car Finance Options in Bromley

Lease Purchase is a great option if you have a limited budget and want lower monthly payments, but still have the option of owning the car at the end of the agreement. With LP, the total cost of the car finance is split into an initial deposit, monthly payments, and a final balloon payment. At the end of the agreement, you can choose to either pay the balloon payment and keep the car or consider trading it in for a new model. It's a particularly good option for those drivers who plan to keep their prestige car long-term but don’t want to pay a fortune each month for their car.

Hire Purchase (HP) is a common way of financing a car purchase. Hire Purchase is a simple process to finance your car if you want to own it outright at the end. With HP, you pay a deposit upfront, and the remaining cost of the car finance is divided into fixed monthly payments. Once the final payment is made, the car is entirely yours.

HP is ideal if you’re looking to avoid a large final payment and prefer knowing exactly how much you’ll pay each month. Unlike LP, there are no mileage restrictions, making it a great choice for those who plan to use their car more frequently, for longer distances or keep it for many years.

With PCP finance, you pay an initial deposit, which is usually a percentage of the car's total value. This is followed by a series of monthly instalments over an agreed term. What sets PCP apart is that a significant portion of the loan, known as the balloon payment or Guaranteed Minimum Future Value (GMFV), is deferred until the end of the agreement. This offers flexibility and lower monthly payments, but it’s important to consider the final balloon payment and any potential charges for exceeding mileage or wear and tear.