AN INTRODUCTION TO YOUR FINANCE OPTIONS AT CCR MITSUBISHI
There are several options to consider when financing your new vehicle:
Personal Contract Purchase - You choose the term and annual mileage and we will determine the value of your vehicle at the end of the agreement. This value is deferred to the end of the agreement as your optional final payment. The final payment and deposit are deducted from the vehicle value and you will make regular monthly payments based on the remaining balance plus any interest.
Hire Purchase – You choose the deposit you would like to pay and the agreement term. The deposit is deducted from the price of the vehicle and you will make regular monthly payments based on the balance and any interest. Once the final payment has been made, ownership of the vehicle will be transferred to you.
Contract Hire – Ideal for businesses, you can choose your additional rental and annual mileage and then we calculate your monthly rental payments. Optional extras can be chosen such as maintenance and repair packages. Your monthly rentals are calculated exclusive of VAT and as you return the vehicle at the end of the agreement term, you do not need to worry about selling it on.
Can I choose an Approved Used car on finance?
Yes! At CCR Mitsubishi we offer both new and Approved Used vehicles with special offers and tailored finance plans.
Am I eligible for car finance?
You must be over the age of 18 to sign the finance agreement, and in some cases lenders may not offer finance until you are at least 21, and you must hold a full UK driving licence. Your income is taken into account, but there is no minimum requirement and self-employed applicants are assessed on an individual basis. Contact us for full terms and conditions on all finance plans.
Which documents should I bring to make my application?
You will typically need both parts of your driving licence, which helps us both confirm your identity and that you can legally drive the type of vehicle you want.
How much will I need for the deposit amount?
This will depend entirely of the age of the vehicle and the type of finance agreement you choose. Discuss your budget with a financing specialist when choosing your car finance plan.
Do I need a guarantor?
The need for a guarantor will be based on your current credit rating and the amount you are able to make as a deposit. Age is not a factor.
Can servicing and maintenance be added to the plan?
Yes – please ask us about fixed-price servicing offers.
Can I settle the outstanding finance early?
In the majority of cases, you can do this with no penalty charge to pay. A charge may, however, apply to certain agreements.
Am I able to cancel the finance agreement part-way through?
This is only possible within the first 14 days of the agreement, and you must submit the cancellation notice to the finance company in writing. Even in this case, the cancellation only applies to the agreement and not the actual purchase of the vehicle – which you will still need to pay for in full.
If the above FAQs haven't been able to answer your question, please either give us a call or fill in the form below with your finance question and we will get back to you.