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Motor finance is used when purchasing a vehicle such as a car, van, motor bike, horse box or a motor home.
When you’ve found the car of your dreams there are two financing routes available to you — Hire Purchase (HP) or Personal Contract Plan (PCP).
Once you know your budget let us do the sums for you and compare the Personal Contract Plan (PCP) and Hire Purchase (HP) products to see which would suit your requirements best.
Personal Contract Plan (PCP) is currently only available for car purchases. With our Purple Plan, you won’t be paying off the full value of the vehicle and at the end of the term, you won’t even own the vehicle unless you choose to.
Conister Bank's Ian Drake explains what a PCP loan agreement is all about and why it's fast becoming the most popular way to purchase your dream car.
In 2016, according to the Finance & Leasing Association, 70% of all vehicles in the UK were financed through a PCP.
The guaranteed future value of your vehicle is calculated at the start of the agreement, and that amount is deferred until the end of the term and used as your final payment, should you choose to make it. Not only are you going to be able to drive around in a better younger car that would need less maintenance, in many cases you would also be covered by the balance of the manufacturer warranty.
As a result, not only does a PCP provide lower monthly repayments, you also have various options at the end of your agreement:
Option 1 – Don’t make the final payment. Hand the keys back to us at Conister and walk away. No obligation.
Option 2 –trade in for a better or newer car and the process starts all over again.
Option 3 –purchase the vehicle by making your final payment.
Hire Purchase (HP) can be used to finance any vehicle with the loan being secured against the vehicle.
With an HP agreement, you will be in a fixed term agreement which will allow you to pay off the balance of the vehicle off throughout your agreed term. The vehicle is yours once you have made the final payment.
A large payment at the end of the agreement, known as a 'balloon payment' can also be used to reduce the monthly installments.
Conister Loans are designed with our customers in mind and we will only lend in a responsible manner.
Our lending decisions are made in the Isle of Man so we are able to deliver fast decisions based upon your personal circumstances. We won't leave you on hold in a call center!
Come and talk to our team in branch at:
Conister Bank Limited, Clarendon House, Victoria Street, Douglas, Isle of Man, IM1 2LN
We are open Mon to Thurs 9am - 5:30pm, Fri 9am - 5pm