PCP (Personal Contract Purchase)

Spread the cost of your vehicle by paying fixed monthly instalments with terms up to 48 months. This product contains a balloon payment at the end of the finance agreement, which would make the monthly instalment amounts lower than a traditional Hire Purchase (HP) agreement. This is great for customers who like to have the option to change their vehicle every 3 to 4 years. When you have paid off the finance agreement, as well as the final balloon payment or Guaranteed Minimum Future Value (GMFV), the vehicle becomes yours. Alternatively, you can return the vehicle to the lender or use it as a part exchange against your next vehicle. Please be aware that there may be some additional charges if you have exceeded the mileage limit set out in your agreement, or if damage to the vehicle has occurred.

HP (Hire Purchase)

You can spread the cost of your car, van, or motorcycle by paying fixed monthly instalments. With terms available from 12 to 60 months and an optional deposit amount, you can choose the right payment plan that suits your budget. When you have paid off the finance agreement, as well as the option to purchase fee, the vehicle becomes yours. You can also enjoy a one month payment holiday on your agreement. Interest is calculated from the day your agreement starts.

Finance Examples

Product

MotoNovo PCP Car (Spread)

APR

12.5%

Total Amount Payable

£6,000

Agreement Term

37 Months

Monthly Payment

£125

Product

MotoNovo HP Car (Spread, Pause)

APR

12.5%

Total Amount Payable

£5,000

Agreement Term

37 Months

Monthly Payment

£175

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