Finance Plans at Motorvogue
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Latest News: Hyundai Motor UK has officially announced the pricing and specification of the i30 N, which will go on sale in the UK on 4th January. The i30 N is Hyundai’s first performance model under the Hyundai N sub brand, engineered by Hyundai’s dedicated High Performance Vehicle Division, led by Albert Biermann. The N moniker stands for both Namyang - Hyundai Motor’s global R&D Centre in Korea where i30 N was born - and for the Nürburgring, home to Hyundai Motor’s European Test Centre where the i30 N was further developed and tested. The i30 N is available in two specifications, i30 N and i30 N Performance. Both models continue with the i30’s already extensive list of standard equipment, whilst adding N specific interior and exterior equipment as well performance modifications. The i30 N is priced from £24,995 on the road and features a host of standard equipment in line with the rest of the i30 range, including LED head and tail lights, Smart Adaptive Speed Control, Keyless Entry with Engine Start/Stop Button, 8” Touchscreen Satellite Navigation with Android Auto and Apple Car Play. i30 N also offers an array of performance equipment, including 18” alloy wheels with Michelin Pilot Super Sport tyres, Electronically Controlled Suspension, 17” ventilated front brake discs with 16” rear and manually operated hand brake. The performance equipment continues with the i30 N’s Torque Vectoring System and steering wheel mounted Drive Mode Buttons, where the driver can access and customise engine and suspension settings. Priced from £27,995 on the road, the i30 N Performance offers additional performance-specific equipment, including 19” alloy wheels with Pirelli P-Zero tyres of a compound that’s specific to the i30 N, an additional 25PS of power, Electronical Limited Slip Differential and 18” ventilated front brake discs with 17” rear. The i30 N Performance also adds interior equipment, including leather and suede seats with electrical operation on the driver’s and passenger’s seats. i30 N Performance also includes an Active Variable Exhaust System which allows the vehicle to reveal its playful character with ‘crackle’ and ‘pop’ sounds from the exhaust when in N or Custom drive mode. Both i30 N models feature standard 8” Touchscreen Satellite Navigation with Android Auto and Apple Car Play as found in other i30 models with the addition of N specific functions such as drive mode display, suspension, engine and transmission set up, lap timer, acceleration timer and performance gauges including engine torque, turbo boost and g force display. The i30 N models also feature a bespoke instrument cluster with a 4.2” LCD displaying a number of drive mode and vehicle control settings, shift timing lights and a variable LED tachometer, with a maximum engine rev light which adjusts according to engine temperature. The cluster also features soft blue lighting and the Hyundai N logo. Other shared equipment includes Launch Control to assist the driver with maximum acceleration from a standing start, Rev Match Function to eliminate the need for heel and toe gear changes, and Brake Control knock back pre-fill to maximise braking response after high g-load cornering. Body performance modifications over the standard i30 bring additions including re-inforced front suspension strut rings, strengthened front sub frame and a central tunnel support bracket. The body modifications continue inside with the addition of a rear stiffness bar across the rear wheel arch lowers. For the more focussed driver, the i30 N Performance also offers a no cost option of cloth seats in place of the standard leather and suede, providing a weight saving of 12.7 kgs. In outright performance terms, both i30 N and i30 N Performance are electronically limited to 155 miles per hour, with the 0-62 sprint reached in 6.4 and 6.1 seconds respectively. Both models share a “standard” torque figure of 353Nm between 1500 – 4700 rpm, however the 2.0 turbocharged inline 4 engine can also deliver an additional 25Nm of torque during its over boost function, which is available at all times dependant on exhaust temperature. The i30 N range is available in 6 colours - Clean Slate, Polar White, Micron Grey, Phantom Black and Engine Red. Alongside these there is also a new N specific colour of Performance Blue, inspired by Hyundai Motorsports WRC and TCR programmes. Tony Whitehorn, President and CEO Hyundai Motor UK said, “We are incredibly excited about the arrival of Hyundai’s first high-performance model under the N line-up. As well as the great value that our customers expect, the i30 N offers advanced technology and a high level of driver customisation – meaning it can play the role of comfort-oriented commuter as well as race track-ready performance car.” All i30 N models come with Hyundai’s industry leading 5 Year Unlimited Mileage Warranty, 5 Year Roadside Assistance package, 5 Year Annual Health Check, and 12 Year Anti Corrosion Warranty.

Finance Plans Explained at Motorvogue

From PCP to hire purchase, here's everything you need to know about financing your next car. 

Car finance might seem daunting, but in reality it's just a simple two-stage process.

The first stage is to decide on the type of car deal you want: loan, lease, hire purchase, or dealer finance. Then it's a simple matter of choosing the provider whose product best suits your needs.

Personal Contract Hire (PCH)

The word 'Hire' tells you what PCH is all about. Basically you're renting a car for (typically) two or three years, with an agreed mileage limit of (typically) 10,000 miles a year. There's no option to buy the car at the end of the contract; you just hand the keys back to the finance provider. In effect, your payments are only covering the car's depreciation.

While you're running it, you're responsible for the car's upkeep. On the plus side, the deposit is low (three or six months' rental is common), as are the fixed monthly repayments, and you can blunt the impact of repair bills by incorporating a maintenance element into the agreement. Check that a separate manufacturer servicing package won't be cheaper before you tick that box, however.

Cars that hold their value well are a good PCH option, because the difference in their new and three-year-old values will be smaller, so you'll repay a lower amount. Cars that plummet in value from new are a bad choice, because you'll repay a much larger amount.

Just as with PCP, you'll need to make sure the car is in good condition when you hand it back, or you could face additional fees as the finance firm cleans it up.

Go for PCH if you say yes to one or more of these statements:

You don't want to own a car, or suffer its depreciation
You like being able to change cars frequently
You like the idea of driving better cars than you could normally afford
You don't mind looking after cars

Personal Contract Purchase (PCP)

It's a bit like HP in that there's a deposit to pay, a fixed interest rate, and monthly repayments over a choice of lending terms, which are usually between 12 and 36 months.

Where PCP differs from HP is at the end of the term. Then you'll have three choices. You can:

  • Return the car to the supplier
  • Keep the car
  • Trade the car in against a replacement

The first option, returning the car, costs nothing, unless you've gone over an agreed mileage or failed to return it in good condition. In either case there'll be an excess to pay.

Keeping the car means making a final 'balloon' payment. This amount is the car's guaranteed future value, or GFV, which is set at the start of the agreement.

The GFV is based on various factors, including the length of the loan and the anticipated mileage as well as the car's projected retail value. If you exercise this final buying option, you can of course keep running the car, or you can sell it, pocketing any equity above the GFV that you've paid back to the lease company.

If you're trading the car in, any GFV equity can be used as a deposit towards the next one.

Just bear in mind that the GFV doesn't always contain a huge amount of equity at the end of the term - so when you're working out monthly costs, it's probably wise to factor in a few extra pounds per month that you can put away in preparation for the next deposit at the end of two or three years.

If the car has gone into negative equity – which can happen – you'll have to find all of that deposit if you want a further PCP. Shorter leases are more likely to come with more accurate GFVs and manufacturers are quite proactive in trying to get you out of a car early if they think there's scope to get you into a new one on a decent monthly rate; it's not uncommon dealers to call customers on three-year deals about a year early - because doing a new PCP keeps the buyer tied to that manufacturer for a further period of time.

Go for PCP if you say yes to one or more of these statements:

  • You want lower monthly repayments
  • You like the flexibility of options at the end of the agreement
  • You can confidently and accurately nominate your mileage

Hire Purchase

Under HP agreements, there's a deposit to pay – typically 10% – followed by fixed monthly payments. The car is owned by the HP company until the final payment – and any 'option to purchase' ownership-transfer fee – has been paid. Up to that point, the person making the payments has no legal right to sell the vehicle.

Nevertheless, some 'owners' do sell 'their' cars before the final payment. The good news for buyers of these 'non-paid-up' HP cars is that the law clearly protects private purchasers who buy without notice of any undischarged HP agreement.

No matter what the police or anyone else might tell you, you'll get a good title to the car if you buy an HP car under these circumstances. The finance company can take action against the seller if they wish, but it's not your problem.

The credit on an HP agreement is secured against the car, so it's like dealer finance in that the only the car can be seized in the event of a default. If you need to sell the car before the end of the agreement, you'll have to repay the outstanding debt first – and 'early settlement' fees may apply.

Go for HP if you say yes to one or more of these statements:

  • Eventual ownership is important to you
  • Your budget and circumstances suit fixed monthly repayments
  • Your disposable income is likely to decrease over the agreement term (eg if you're planning a family)
  • You like low-risk credit secured against the car only
  • You don't mind not owning the car until the debt is fully repaid
Motorvogue Bedford

Interchange Park, Bedford, MK42 7GB

TEL: 01234 867788

    


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Motorvogue Northampton

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TEL: 01604 714555

    


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Motorvogue Kings Lynn

Scania Way, Hardwick Industrial Est, King's Lynn, Norfolk, PE30 4LP

TEL: 01553 772644

    


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CONSUMER CREDIT & GENERAL INSURANCE
Motorvogue (Northampton)Ltd is an Appointed Representative of Automotive Compliance Ltd, which is authorised and regulated by the Financial Conduct Authority (FCA No 497010). Automotive Compliance Ltd’s permissions as a Principal Firm allows Motorvogue (Northampton)Ltd to act as a credit broker, not as lender, for the introduction to a limited number of finance providers and to act as an agent on behalf of the insurer for insurance mediation activities only.