Used vehicle finance from S.M.T Automotive

When it comes to purchasing a new or used car, being able to finance such an investment is often the primary concern for motorists. This is more than understandable, since you will often be parting with many thousands of pounds in order to drive a vehicle off the forecourt. However, to help make things more affordable and manageable, we at SMT Automotive are delighted to be able to provide you with a selection of vehicle financing solutions, meaning you will not have to part with a huge payment in one go. Instead, you will simply pay a deposit if you have one available, followed by fixed monthly repayments.

The current vehicle financing options available through SMT Automotive are Personal Contract Purchase and Hire Purchase.

What is Personal Contract Purchase (PCP)?

Personal Contract Purchase - or PCP - requires you to select your vehicle and agree both your annual mileage and length of agreement term with a member of our team. We’ll then calculate the Guaranteed Minimum Future Value of the vehicle at the end of the agreement and determine a deposit and payment plan that suits you. At the end of the contracted term, you will have the option of returning the vehicle to us, trade it in for another car/agreement, or pay the optional final payment to make the vehicle your own.

The benefits of choosing PCP include the opportunity to benefit from lower monthly repayments and having the opportunity to simply return the vehicle and walk away at the end of the term. As such, you will be free to then find your next vehicle under a similar agreement, meaning you can enjoy driving the latest models every few years. 

What is Hire Purchase (HP)?

A Hire Purchase agreement differs from PCP in that at the end of the contracted term, you will be the outright owner of your vehicle. Like PCP, however, you are able to pay a deposit followed by fixed monthly repayments. These repayments will cover the overall cost of the vehicle so that, at the end, there is nothing more to pay.

 To learn more about financing any of the vehicles in stock with SMT Automotive, get in touch with a member of our sales team today. We’ll be happy to help.