Finance Plans at Motorvogue
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Latest News: The 2019 Goodwood Festival of Speed sees Jeep making its first ever appearance at the UK’s premier motoring event. Showcasing the full breadth of the range, Jeep will be running the 710hp Grand Cherokee Trackhawk up the Goodwood Hill, while visitors can get behind the wheel of the Jeep range on the off-road experience and get up close to the first electrified Jeep, the Renegade PHEV, on the main stand. The Jeep Off-Road Experience Visitors to the show will be able to take part in a unique Jeep 4X4 experience, where they will be able to get behind the wheel of the Jeep range and put them through their paces on a challenging off-road course. A fleet of 4x4 models including everything from the compact Renegade, to the mid-sized Compass, large Grand Cherokee and the iconic Wrangler, will allow customers to take on the obstacles themselves and see what the legendary 4X4s can do in their own hands. The Jeep Off-Road Experience will be open from 10am to 6pm, Thursday to Sunday, for drivers aged 21 and over holding a full driving license. Drives will be offered on a first come first served basis. Grand Cherokee Trackhawk takes to the hillThe Jeep Grand Cherokee Trackhawk will be making its inaugural appearance at the event, using all 710hp and 868Nm of torque from its 6.2-litre supercharged V8 engine to take it on its debut first glance up the Goodwood hill. Reaching 62mph in just 3.7 seconds, and going on to a top speed of 180mph, the Trackhawk is set to wow the crowds at the show with its sheer pace, aggressive styling and distinctive supercharged whine. With its body-coloured flared wheel arches, sculpted bonnet with dual heat extractors and quad exhaust tips the Trackhawk is instantly recognisable. The signature seven-slot front grille is flanked by adaptive, bi-xenon headlights with a gloss black background to highlight its Jeep pedigree. Its driving dynamics and handling come courtesy of the Selec-Track system with five dynamic modes and Bilstein adaptive dampening suspension. The Quadra-Trac active on-demand four-wheel-drive system, with rear Electronic Limited Slip Differential (ELSD) and a single-speed active transfer case will also ensure that all 710hp makes it to the top of the Goodwood hillclimb.  e-volution on the Jeep standThe Jeep stand will be hosting the UK debut of the Renegade plug-in hybrid electric vehicle (PHEV), the first electric Jeep to join the range, alongside the inaugural showcase of the 1941 Wrangler. Visitors to the stand will also be able to paw over the new Compass Night Eagle and the Grand Cherokee Trackhawk from the current range. The Jeep Renegade PHEV offers a no-compromise hybrid solution, which integrates with the unmatched technical layout of the Jeep SUV, turning it into a vehicle that provide absolute freedom while taking its capability to the next level through eco-friendly technology. With a pure electric range of approximately 31miles, with an approximate 80mph full electric top speed, the electric units work in synergy with the new 1.3-litre turbo petrol engine to increase efficiency and power overall. With a power output in the 190hp to 240hp range and a zero to 62mph time of approximately seven seconds, the new Renegade PHEV is even more fun, courtesy of its improved acceleration and fast engine response, while also delivering CO2 emissions of less than 50g/km. The legendary off-road capability is further enhanced thanks to the greater torque offered by the electric motor and the ability to adjust it with extreme precision while driving on even the most challenging terrain. The new electric all-wheel-drive technology (eAWD) provides traction to the rear axle through a dedicated electric motor, allowing the two axles to be separated and to control the torque independently in a more effective way than a mechanical system. The Jeep Wrangler 1941, a Mopar® edition of the Wrangler Rubicon enhanced by Jeep Performance Parts that is capable of expressing the undisputed off-road capability of the vehicle, will also make its debut on the Jeep stand. A 2-inch suspension lift kit, “rock rails”, black door sill guards, “black fuel door”, all-weather mats and 1941 sticker set this model apart from the range.  The Wrangler 1941 also features Jeep Authentic Accessories by Mopar, including a Matt Black seven-slot grille, moulded splash guards, off-road lights and wing mirrors caps - all contrasting with the Punk’n metallic orange paintwork. The Mopar customisation continues inside, where a black mesh sun bonnet, front grab handles and tailgate table further enhance the vehicle’s functionality.  The Jeep stand will also be showcasing the new Compass Night Eagle and the Grand Cherokee Trailhawk from the current range.

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 | TEL (RENAULT): 01234 861555

    


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Motorvogue Northampton

74 Kingsthorpe Road, Northampton, NN2 6HE

TEL: 01604 714555

    


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Motorvogue Clapham (Bedford)

87 High Street, Clapham, Bedfordshire, MK41 6AQ

TEL: 01234 354257

    


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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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Motorvogue King Lynn

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.

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