Finance at Norton Automotive, Stoke Mandeville

Hire Purchase or Personal Contract Purchase

We offer you the choice of a Hire Purchase or Personal Contract Purchase finance agreement. Both agreements can be created for car finance deals with no deposit. Which is best for you depends on your individual circumstances. We’ll explain the main differences below to shed clarity on the matter:

Hire Purchase (HP)

Hire Purchase agreements are a type of credit where once you have paid the total loan amount, you own the vehicle. During the loan term, the financer owns the vehicle. Once you repay them in full, ownership passes to you. Typically, Hire Purchase agreements have higher monthly payments because you are repaying the total car amount. With a Personal Contract Purchase, you repay only part of that amount.

Personal Contract Purchase (PCP)

Personal Contract Purchase agreements are a type of credit where you pay off instalments to cover part of the cost of a car. Once you have paid off the amount as set out in the agreement, you hand the car back to the owner, who is the financer. Alternatively, if you want to keep the car, you can refinance the remaining cost of it. This is called the balloon payment. It is based on the guaranteed future value (GFV) of the car.

Norton Automotive is authorised and regulated by the Financial Conduct Authorised under FRN 831497.

Norton Automotive is authorised as a credit broker, not a lender. We are committed to treating customers fairly whilst ensuring our products and services are suitable for their needs.

We can introduce you to a limited number of lenders who might be able to finance your purchase. We will only introduce you to these lenders.

You may be able to obtain finance for the purchase from other lenders and we encourage you to seek alternative quotations.

We, Norton Automotive, may receive a commission payment for introducing you to a lender. This could be a fixed amount or a fixed % of the lend. You may request the disclosure of this amount.

Please note, if you have any health issues, difficulty understanding information or there are any recent life events that could affect your ability to fully understand the information and documentation presented, you should carefully consider the amount of time you require to review the documentation. You should also consider if it is advisable for you to have someone you know, help you make your decision. You should assess the monthly payments you are required to make throughout the agreement and ensure you are able to meet these obligations.

Your credit rating could be adversely affected if you do not keep up with your payments. This could make it harder for you to obtain credit in the future and/or make it more expensive.