Financing your car with RPM Direct?
The opportunity for RPM Direct to fund your car is second in importance only to successfully supplying your next car.
We understand there are many finance options available to you and can explain these options along with the some of the benefits only specialist car finance can offer to allow you to make an informed decision. There are benefits and pitfalls with all types of finance cover. RPM Direct will discuss these to help you to decide the best type of finance that is suitable for your needs.
Being an independent specialist and a licensed credit broker, we can go to market to secure the most suitable package available for you. Please see following some of the funding options available to you and we welcome the opportunity to show you the benefits of specialist car finance that is suitable to your needs.
With so many different types of finance, many motorists are unsure which is best for their needs, and which will prove the most affordable. Not all methods of using finance suit everyone, below you will find brief description of the different options that are open to you when purchasing a car from RPM Direct Ltd. If you are still unsure then please call 01278 491035 and talk to Philip or Robert for guidance on which will suit your circumstances best.
There are no monthly payments to worry about and no interest rate to pay. Could be useful way of purchasing your car if you chop and change regularly as you will not have to pay any set up or settlement fees.
Using a loan
Basically, getting a loan will mean that you rather than a finance company, own the car. This is a good way of financing a car if you have a large deposit to use (or trade in). But with a loan you can finance as much or as little of the car as you want. You should make sure that the loan isn’t secured against your home. If you ever default on your car payments, you don’t want the loan provider making you homeless.
With hire purchase you put down a relatively low deposit then pay monthly installments for the duration of the loan. The vehicle belongs to whoever you have the loan with until the last payment has been made. What’s more, until you’ve paid at least a third of the loan amount, the lender can repossess the car without a court order. But at the end of the hire purchase term you will own the car. The beauty of hire purchase is that it’s very flexible. Once you’ve paid half the cost of the car you may be able to return it and walk away from the deal. That’s ideal if your circumstances change. You can also get competitive interest rates if you have a good credit history. And after you’ve paid the deposit, you only have the monthly payments to worry about with no ‘balloon payment’ at the end..
Personal Contract Purchase (PCP)
This is like PCH but you have the option of buying the vehicle at the end of the term. You could still be penalised if you exceed the agreed mileage or damage the car as these help to determine your monthly payments. What’s more, the finance company still owns the car until you’ve paid the balance off. However, the PCP is very flexible, that said, if you’re looking at owning the car at the end of the term, a loan or HP might be better. That’s because you won’t have to find a large sum to cover the balloon payment at the end instead of part exchanging the vehicle. If you never want to own the car, a PCH with its lower monthly payments, could be the wiser choice.
Simply find the car from our stock and select the option to get a finance proposal based on your circumstances.
Finance is subject to status, terms and conditions apply. Details available on request.
RPM Direct Ltd is FCA regulated 743327: Data Protection Registration Number ZA234288
Why Finance Through a Dealership
What is Hire Purchase?
What is Personal Contract Purchase