Financing your car with Crown Motors Group
Buying a car is easier, more flexible and more affordable than you might think, especially when you purchase from Crown Motors. We provide a range of finance options that can help you considerably when it comes to selecting your next vehicle.
Ask us for a list of insurers we offer products from. Our franchisees, Crown Honda and Crown Suzuki, is appointed to act as the agent of the insurers and not as your agent, when offering or recommending the below products and where we collect any premium or handle premium refunds, we do so as the agent of the insurer. We act as a credit broker, not as lender, for the introduction to a limited number of finance providers only for.
To find out more, please don’t hesitate to get in touch with us at by completing our online contact form.
For information on our terms and conditions click here. If you would like to make a complaint click here.
For more information visit this page.
Free Motor Credit Check
We know that everyone’s credit circumstances are different. The Motor Credit Check allows you to discover how likely you are to be accepted for finance, without affecting your credit score.
Find out your Motor Credit rating by completing the form via the below link.
Our sales and finance team aim to provide you with the best service and price. If you require further financial advise, the sites below can help with information with what support is available to help manage your money.
Money Helper Free impartial information and tools on how you can manage your money.
MONEYHELPER.COM
StepChange Expert advice and fee free debt management, helping you tackle your debts.
STEPCHANGE.ORG
National Deptline Free help and advice on dealing with debt.
NATIONAL DEPTLINE
Government Support The Government site has advice and support.
HELPFORHOUSEHOLDS.CAMPAIGN.GOV.UK
Turn 2 usHelpful benefits calculator will help you understand what you may be entitled to.
TURN2US.ORG
Citizens Advice Free, confidential and impartial advice on money and debt, work, benefits, and more.
CITIZENSADVANCE.ORG
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.