Drayton Motors Used Car Finance Options

New & used Car Finance available in Boston, Louth, Grantham & Scunthorpe, Lincolnshire

We offer a number of different financing options here at Drayton Motors Kia and select the very best lenders to work with in order to get you the best deal. Please see below for the different types of financing that could benefit you.

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Personal Contract Purchase (PCP)

Personal Contract Purchase is a flexible and popular plan that provides you with the option to change your car on a regular basis.

With a Personal Contract Purchase (PCP), you pay for a portion of the vehicle's upfront sale price over a number of years, but can then settle the balance - and own the car - once the contract concludes. Alternatively, when your PCP car finance payments are over, you can hand the car back to us with nothing further to pay (subject to mileage and fair wear and tear).

At the start of the agreement we’ll set an optional final payment for your car, this will be based upon your chosen agreement term and approximate annual mileage.

You pay a deposit and then make monthly repayments based on the outstanding loan balance less the optional final payment.

At the end of the monthly repayment period you’ll have three options:

1. Retain

Pay the optional final payment and take ownership of the car.

2. Return

Hand back the car with nothing more to pay. Subject to mileage and fair wear and tear. If electing to hand the vehicle back at the end of contract, any mileage in excess of the agreed limit will be chargeable at 9p per mile (Inc. VAT) for all models.

3. Renew

Part exchange the car and use any equity as a deposit on your next car (if any available, which cannot be guaranteed).

Personal Contract Hire (PCH)

What is personal contract hire?

Personal contract hire (PCH) is a form of leasing for individuals rather than companies that let you have the use of a car for between 1 and 4 years. It now accounts for 11% of all the finance taken out on new cars, and is an excellent if you want the option to drive a new car regularly & keep monthly payments down.

Similar to PCP deals, you only repay part of the car’s value; the difference between these 2 forms of finance is that you don’t have the option of buying the car outright at the end of a PCH agreement.

How does personal contract hire work?

First, you need to decide how much you want to pay each month for the use of the car and how many miles you’ll be doing. Most deals will then require you to put down a deposit (usually the equivalent of eight to 10 monthly instalments) and then pay a number of fixed monthly payments. It’s best to opt for a longer deal rather than a shorter one, as the payments are usually lower on lengthier deals.

Personal Motor Loan (PML)

A more traditional car finance option over a fixed period for a fixed monthly amount.

You pay a deposit then make regular monthly repayments to repay the balance. As your interest rate is fixed you’ll know exactly how much you’ll repay at the outset of the agreement.

Only once all monthly repayments have been made will you own the car.

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New & used Car Finance available in Boston, Louth, Grantham & Scunthorpe, Lincolnshire

Personal Contract Purchase (PCP)

1. Retain

2. Return

3. Renew

Personal Contract Hire (PCH)

Personal Motor Loan (PML)

RJTK Companies Information Legal & Financial Disclaimers

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