Finance Plans at Motorvogue
Read More 

Latest News: Motorvogue Norwich is Now Open with our multi-franchise showroom bringing five prestigious car marques to the city. The newest Hyundai, Fiat, Jeep, Alfa Romeo and Abarth models are gathered in one convenient showroom which opened on Friday 14th February. Hyundai owners have been without local support since the city’s previous dealer closed back in November. Our extensive new site offers a substantial Hyundai showroom, with all the latest models and manufacturer-approved used cars, plus full parts and service back-up for existing owners. “Hyundai approached us to see if we would take on the Norwich franchise, as we represent them at our Bedford location,” explains Jon Pochin, who has been running Motorvogue since 2008 with his business partner Peter Norman. “Our business model is to operate multi-franchise dealerships to offer customers greater choice – so when Hyundai agreed, the move to Norwich became possible.” Motorvogue began with a single site in Northamptonshire in 1993 and has supplied more than 20,000 cars to satisfied customers across the country. Under Pochin’s stewardship, the firm has expanded to Bedford, and a further location in King’s Lynn. A Norwich showroom makes perfect sense – especially as Pochin was born and raised in Norfolk, worked in the city for many years and still lives here. “As we were recruiting, it was astonishing how many people came forward that I’d worked with before,” he says. “One of the things that’s great about Norfolk is the people. They’re friendly and they’re loyal. We have a brilliant team ready to welcome customers to Cromer Road.” Massive range Motorvogue Norwich will offer the largest range of new cars in the area, as well as more than 600 used vehicles (across the group) in all shapes and sizes. With so much choice, it’s the perfect place to visit for anyone unsure what kind of car they should get next. It’s also ideal for those in receipt of benefits such as the Higher Rate Mobility component of the Disability Living Allowance, the Enhanced Mobility component of the Personal Independence Payment, an Armed Forces Independence Payment or the War Pensioners’ Mobility Supplement, with Motorvogue’s motability specialists ready to assist customers looking to drive a brand-new car every three years on the Motability scheme. The huge range at Motorvogue gives plenty of options, many available with no advance payment.   Going electric? “We are seeing a real change in attitudes to electric vehicles,” Pochin says. “People who were putting off making the switch are starting to consider it. With the latest generations of hybrid and electric cars offering realistic ranges up to 300 miles, they’ve become practical for people in rural communities like those we have in Norfolk.” To help customers decide if an electric vehicle is for them, the new Cromer Road site will feature a dedicated Electric Centre, showing off the range of low and zero-emissions cars. “People need to come down and see the Hyundai Ioniq and Kona hybrid and electric models,” Pochin urges. With more than 30 demonstrators available across the five marques, Motorvogue offers an unrivalled chance to get behind the wheel of what could be the car of your dreams – whether it’s hybrid, electric or a conventional petrol or diesel model.   Great offers To celebrate the opening of Motorvogue Norwich on Cromer Road, the showroom is opening with what Pochin describes as “genuine money-off deals" on models across all five marques. This includes savings of up to 50pc on servicing. “It doesn’t matter whether you’re looking for a first car for your daughter, a seven-seater, a pick-up or an electric vehicle,” says Pochin. “Whatever you need, we will have the right car for you – and at the best price in the market.” Visit us now on Cromer Road, Norwich, NR6 6NB

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,
Bedfordshire,
MK42 7GB
Fiat Abarth Alfa Romeo Jeep SEAT Hyandai Renault Dacia
MOTORVOGUE
NORTHAMPTON
74 Kingsthorpe Road,
Northampton,
Northamptonshire,
NN2 6HE
Fiat Abarth Alfa Romeo SEAT Cupra
MOTORVOGUE
KING'S LYNN
Scania Way, Hardwick Industrial Est,
King's Lynn,
Norfolk,
PE30 4LP
Fiat Abarth Alfa Romeo Jeep Renault Dacia
MOTORVOGUE
NORWICH
Cromer Rd,
Norwich,
Norfolk,
NR6 6NB
Fiat Abarth Alfa Romeo Jeep Fiat Professional Hyandai

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 a lender, for the introduction to a limited number of finance providers and to act as an agent on behalf of the insurer for insurance distribution activities only.

We have placed cookies on your device to help make this website better.  Click Here to view our privacy policy and change your cookie settings.  Otherwise, we’ll assume you’re OK to continue.