Personal Finance

Introduction

Brittle Motor Group offers a range of finance products with something to suit you. There is a full choice of finance options available to you:

  • Hire Purchase
  • Lease Purchase
  • Personal Contract Purchase
  • Personal Contract Hire

This section gives a brief description of each product and the benefits. We make sure all our finance products are simple to arrange and easy to understand. There are a number of benefits to you that apply across our whole product range.

Key benefits

  • Easy to arrange
  • Simple documentation
  • Full range of products
  • Creditor insurance available
  • Backing of a national financial institution

Finance Options

Hire Purchase

Hire purchase is where you pay an initial deposit, followed by equal monthly instalments over a set period. The interest rate is fixed so the payments stay the same for the full length of the agreement. At the end of the period, once you have paid all the instalments and the purchase fee, the car will be yours.

Key benefits of Hire Purchase

  • Improve cash flow
  • Fixed monthly payments
  • No large final payment

Lease Purchase

Lease purchase is a type of hire purchase with lower monthly payments and a larger final payment, which is based on the expected value of the car at the end of the period. You pay a low initial deposit followed by monthly payments over 2, 3 or 4 years and then the large final payment. The interest rate is fixed so your payments won’t vary. At the end of the agreement, provided all the payments have been made (including the purchase fee), the car is yours.

Key benefits of Lease Purchase

  • Reduced capital outlay
  • Reduced fixed monthly payments
  • You own the vehicle at the end of the agreement

Personal Contract Purchase

With a Personal Contract Purchase product you pay an initial deposit followed by monthly payments over a 2 or 3 year period. Based on your annual mileage a guaranteed future minimum value is set at the start. At the end of the agreement you can choose what to do next. You can part exchange for a new vehicle, pay the final payment (which is based on the guaranteed future minimum value) plus the purchase fee and the car is yours, or return the vehicle.

Key benefits of Personal Contract Purchase

  • A new vehicle every 2 or 3 years
  • 3 choices at the end of the agreement
  • Fixed monthly payments

Personal Contract Hire

This is a rental product where you pay a monthly rental based on the period of hire, the annual mileage, the vehicle price and the anticipated future value of the vehicle. Service and maintenance cover is included. We usually need a minimum initial payment of 3 monthly rentals and then you pay equal monthly rentals over the 2 or 3 year period. At the end of the agreement, as long as you have fulfilled the mileage and condition requirements, you simply return the vehicle to us.

Key benefits of Personal Contract Purchase

  • A new vehicle every 2 or 3 years
  • 3 choices at the end of the agreement
  • Fixed monthly payments

Typical Example – HIRE PURCHASE
On the Road Cash Price
£14,074.26
Deposit
£4,222.28
Advance
£9,851.98
Monthly Rental
36 x £327.04
APR
13.7%
Total Amount Payable*
£16,140.72
Typical Example – LEASE PURCHASE
On the Road Cash Price
£14,074.26
Deposit
£4,222.28
Advance
£9,851.98
Monthly Rental
23 x £173.78
APR
13.7%
Final Rental
£8,000.00
Total Amount Payable*
£16,364.72
Typical Example – HIRE PURCHASE
On the Road Cash Price
£14,074.26
Deposit
£4,222.28
Advance
£9,851.98
Monthly Rental
23 x £250.53
APR
15.8%
Final Rental/Guaranteed
Minimum Future Value
£6,333.42
Maximum Mileage per Annum
12,000 miles
Excess Mileage Charges
(inc. VAT)
7.46p per mile
Total Amount Payable*
£16,140.72
Typical Example – HIRE PURCHASE
On the Road Cash Price
£14,074.26
Period of Hire
24 months
3 Advance Rentals
(inc. VAT)
£1,298.07**
Monthly Rental (inc. VAT)
23 x £327.44†
APR
13.7%
Total Amount Payable*
£16,140.72

  • Full written quotations available on request
  • Indemnities may be required in certain circumstances
  • All applications for credit are subject to acceptance
  • Prices and rates are correct at time of publication

Protecting your Payments

Our Payment Protection Plan covers your repayments if you can’t work due to unexpected circumstances. There are 3 levels of cover: Gold, Silver and Bronze, covering different situations including, accident, sickness, involuntary unemployment, critical illness and death.