Finance Plans at Motorvogue
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Latest News: 6th Consecutive Win for the Renault Zoe at the What Car? Awards for 'Best Electric Car for less than £30,000. The What Car? Awards have been presented for the past 41 years and are recognised as being among the most prestigious in the industry. The award adds to the ZOE’s growing list of industry accolades. Steve Huntingford, Editor of What Car? magazine, said: “Our 2017 Electric Car of the Year remains a compelling proposition two years on, which is some achievement given the pace at which things are moving in this class. Unlike other sub-£30k pure electric options, you don’t have to put up with a feeble range. In fact, in our Real Range tests, the ZOE outperformed many much pricier options.” Vincent Tourette, Managing Director of Renault UK, said: “Electric cars are becoming more popular every month and the Renault ZOE has been at the forefront of the market since it was launched in the UK six years ago. ZOE is available with a choice of trims and motors, giving our customers the opportunity to choose the ZOE that best fits their lifestyle. That’s a key reason why the ZOE has been presented with a strong list of awards and it’s gratifying to see the model recognised by What Car? for a sixth successive year.” Renault’s ZOE has proven popular with customers with 1993 sold in the UK last year, an increase of 1.25 per cent over 2017. The car continues to be available to purchase in two ways. First, under a battery hire scheme, where ZOE pricing starts at £18,420 (on the road) after the Government Plug-in Car Grant, with battery leasing from £59 per month. And second, under the ‘full purchase’ option, which allows the customer to buy the car and the battery from £25,020 (OTR). Whichever purchase option is chosen, the Renault ZOE is one of the most affordable electric cars on sale following Renault’s mantra of providing sustainable mobility for all.  In addition, Renault offers retail customers that purchase a ZOE a free 7kW wall box charger fully-installed in their home to ensure the best possible electric experience. Two versions of the ZOE supermini are available and both have a real-world range of 186 miles (WLTP¹). With the R110 motor the ZOE has faster mid-range acceleration and 16hp more power than the R90 version it replaced. The second option is the Q90 motor, which allows faster charging. The ZOE Q90 Quick Charge can be charged from zero to 80 per cent in 65 minutes with a 43kW charger that can typically be found at most motorway service stations. The customer can also choose between two trim levels: ZOE Dynamique Nav and ZOE Signature Nav. Included with the ZOE Dynamique Nav is 16-inch ‘black shadow’ alloy wheels, a hands-free keycard, automatic headlights and wipers, rear parking sensors and seven-inch colour touchscreen for the R-LINK 2 infotainment system with navigation. Renault’s R-Link infotainment system utilises Android Auto™ to link the driver or passenger’s smartphone to the ZOE and mirrors the phone display onto the vehicle’s touchscreen to enable easy use of the smartphone’s functionality in the car. ZOE Signature Nav adds a BOSE® 3D sound system, heated front seats, a rear reversing camera and bronze coloured interior detailing. It also features 16-inch ‘grey shadow’ alloy wheels and unique ‘Signature’ upholstery. Renault has a strong line-up of 100 per cent electric vehicles that are in Renault dealerships nationwide. The ZOE is Renault’s popular electric supermini and is joined by the Twizy quadricycle, the Kangoo Z.E. 33 Van and the New Master Z.E. Van.

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

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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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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