At NMJ Motorhouse we are experts in offering car finance to customers across the UK to drive away in their ideal car. Our wide range of finance options is designed to take away the hassle of affording the car you would like. We can arrange all finance, making sure that buying a car with us is as smooth and simple a process as possible.
We strive to obtain the best deals for our customers and make sure you get a tailor-made finance package. You can find out more about the benefits of financing your next vehicle here on the website, and learn about the different options plus additional services such as GAP Insurance, which protects you and your investment. Apply online today or give us a call for a friendly chat about your options.
A Hire Purchase agreement could help you buy the vehicle of your dreams by spreading the cost over an agreed term. You will pay an initial deposit, sign the agreement documents then you’re free to drive away your new vehicle. After you’ve made all the agreed monthly payments the vehicle is yours.
If you have had trouble getting a used car elsewhere then give us a call to see if we can help, we have flexible finance deals to suit all budgets. We are able to offer a host of funding options to help you to buy your desired car, with as little or as much deposit that you wish to pay. We offer very competitive rates and can tailor a finance package to suit your needs and lifestyle. We have a finance specialist on hand to discuss your needs and help answer any questions you may have. We use many of the financial institutions to ensure that you receive the best finance package.
If you have already taken out a finance agreement with us or would like more information about some of the lenders we use please click on the relevant finance company below to find out more.
Personal Contract Purchase (PCP) is a finance product that allows you the opportunity to buy a new or a used car.
It is similar to a Hire Purchase agreement as you will usually pay an initial deposit, followed by monthly instalments over a term typically between 18 to 48 months.
What makes PCP different to Hire Purchase (HP) is that your monthly instalments are paying off the depreciation of the car, and not its entire value, over the course of the term. Then, when you get to the end of your agreement, there is a final, balloon payment that must be made if you want to keep the car. The balloon payment is often referred to also as the Guaranteed Future Value (GFV).
When you have chosen your vehicle, you will then agree your annual mileage and decide on the agreement term with one of our Business Managers.
We will then determine the Guaranteed Minimum Future Value (GMFV) of the vehicle at the end of the agreement and work out a deposit and monthly amount that works for you.
At the end of your agreement you will then have three options:
Return – Simply return the car the back to us
Retain – Keep the car by paying the optional final payment
Renew – Trade it in for another car
For a quotation, help, or advice contact us and ask to speak to one of our Business Managers.
You can normally settle your agreement early by asking the finance company to provide you with a settlement figure. However, the finance company will require you to pay off the difference between what your car is worth, and what you still owe and there may be a difference which is known as negative equity. On the other hand, you may find that at the end of your term your car is worth more than the Guaranteed Future Value, which means you will have some positive equity to contribute towards your next car.
Hire Purchase is a way to finance buying a new or used car. You will normally pay an initial deposit and will pay off the entire value of the car in monthly instalments. When all the payments are made, the Hire Purchase agreement ends, and you own the car outright.
The short answer is yes, you can end your finance early. There are different provisions within each finance agreement that allows you to do just that. If you have got through two-thirds of the way through your finance agreement, the options to end the finance agreement early open up.
For a Hire Purchase agreement, there is an option of paying it off early through a settlement fee. A settlement fee covers the cost of any remaining unpaid instalments and interest payments remaining on the agreement. Once the settlement fee is paid, you take full ownership of the car early.
Under a Personal Contract Purchase agreement, you can also pay a settlement fee for bringing the agreement to an end early. After that, you can choose to hand the car back or you have a second option. Through a PCP agreement, you can take full ownership of the car by paying off the remaining Guaranteed Minimum Future Value also known as a balloon payment.