Charles Hurst Finance Options

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Charles Hurst offers a variety of finance options to assist customers in purchasing new and used vehicles. Understanding these options can help you make an informed decision that aligns with your budget and financial goals.

Hire Purchase (HP)

Hire Purchase is a traditional finance agreement where you pay off the value of the car in monthly installments. You essentially hire the car for the duration of the agreement, and ownership transfers to you once all payments, including any option to purchase fee, are made. HP is a good option if you want to own the car outright at the end of the term.

Key Features of HP with Charles Hurst:

• Fixed monthly payments: Makes budgeting easier.
• Deposit options: You can choose to pay a larger deposit to lower your monthly payments.
• Ownership: You own the car at the end of the agreement.

Personal Contract Purchase (PCP)

PCP is a flexible finance agreement that offers lower monthly payments compared to HP. At the end of the agreement, you have three options:

• Option 1: Return the car: If you no longer need the car or want a new one, you can simply return it (subject to condition and mileage charges).
• Option 2: Purchase the car: You can pay the Guaranteed Future Value/Optional Final Payment (GFV/OFP) to own the car.
• Option 3: Part-exchange the car: Use any equity in the car (difference between its market value and the GFV/OFP) towards a deposit on a new vehicle.

Key Features of PCP with Charles Hurst:

• Lower monthly payments: Makes higher-value cars more affordable.
• Flexibility: Offers multiple options at the end of the agreement.
• Guaranteed Future Value (GFV/OFP): Provides certainty about the car’s future value.
• Mileage limits: Agreements come with pre-defined annual mileage limits, and excess mileage charges apply if exceeded.

Personal Contract Hire (PCH) or Leasing

PCH is a long-term rental agreement where you pay a fixed monthly fee to use the car. You never own the car, and it must be returned at the end of the agreement. This option is appealing if you want a new car every few years without the hassle of ownership.

Key Features of PCH with Charles Hurst:

• Fixed monthly payments: Simplifies budgeting.
• Road tax usually included: Often, road tax is covered in the monthly payment.
• Maintenance packages: Options may be available to include maintenance and servicing in the monthly fee.
• No ownership: The car is returned at the end of the agreement.
• Mileage limits: Similar to PCP, PCH agreements have mileage limits with excess mileage charges.

Other Considerations

When considering finance options, it’s crucial to factor in:

• APR (Annual Percentage Rate): Compare APRs across different finance options and providers to find the lowest overall cost.
• Deposit amount: A larger deposit can reduce monthly payments.
• Term length: Shorter terms typically mean higher monthly payments but lower overall interest paid.
• Your individual circumstances: Assess your budget, driving habits, and future needs to determine the best finance option for you.

Charles Hurst’s finance specialists can provide personalized advice and guidance to help you choose the most suitable finance option based on your individual needs and circumstances. It is highly recommended to discuss your specific requirements with them to make a well-informed decision.