When buying new or Approved Used cars from Wessex Garages, our customers are given a number of flexible finance options to choose from. An effective method of payment is the Personal Contract Purchase. This is similar to a Hire Purchase agreement – which is also available from Wessex Garages - but allows for a much smaller monthly payment for easy budgeting. This is because Personal Contract Purchase payments are related to the depreciation value of the vehicle, rather than the full value of the car. At the end of the Personal Contract Purchase, a balloon payment will be required.
Once this has been made, the motorist has several options: return the car to the dealership, pay the outstanding balance on the value of the car, or part exchange the vehicle for a different vehicle entirely. Personal Contract Purchase is a simple and effective way to purchase a new car on a regular basis in an affordable manner.
It is also possible for the Personal Contract Purchase agreement to be settled early if desired, although there may be an additional cost involved in this. The duration of a Personal Contract Purchase agreement is between 18 and 48 months; most customers opt for 36 months overall.