CAR FINANCE AND OWNERSHIP
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Suzuki Finance
When looking for a new or used car, it’s likely that you’ve come across lots of car financing options that can leave you scratching your head and unsure which finance option is right for you - or even whether you should get your car on finance in the first place!
Our car finance plans help to spread the cost of a new or used car, so instead of paying the full amount up-front, you can pay for the car over a number of months to suit your budget.
Suzuki Finance has three main options on offer to our customers: Hire Purchase (HP), Personal Contract Purchase (PCP) and Personal Contract Hire (PCH). Scroll down to explore a summary of each option.
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Each of these products works a little differently, but put simply, Suzuki Finance buys the car on your behalf and owns the car for the duration of the finance agreement. With PCP & HP you’ll then have the option to become the owner of the vehicle after all the repayments including any interest have been made.
When you purchase a car on finance, Suzuki Finance will buy the car on your behalf and will own the car for the duration of the finance agreement. This means that if you’ve chosen a Personal Contract Purchase (PCP) or Hire Purchase, your vehicle will be owned by Suzuki Finance until the final repayment including any interest has been made - and after that, you will become the owner of the vehicle!
It’s worth noting that this differs for PCH where at the end of your agreement you must return the vehicle as there is no ownership option.
This means there are two options if you are looking for car ownership.
- Hire Purchase: Own the vehicle once all the repayments, including interest and £10 purchase fee, have been paid.
- Personal Contract Purchase: Own the vehicle outright by paying the option final repayment (this will include the £10 purchase fee).
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Personal Contract Purchase (PCP)
Personal Contract Purchase is a Suzuki Finance that can help you buy your dream car with lower monthly repayments than a Hire Purchase product. This is because a large proportion of the amount you repay is deferred into an optional final repayment.
The main difference with Personal Contract Purchase, is the option to choose what you do at the end of the agreement. You can part exchange the vehicle, return the vehicle (return conditions apply), or pay the optional final repayment and own the vehicle.
Still unsure whether this is the right finance deal for you?
Benefits include:
- Flexible deposit options
- Fixed interest rate over your chosen period (2-4 years)
- Fixed monthly repayments to suit your budget
- Set your annual mileage up to 24,000 miles.
- Borrow any amount from £3,000 for new vehicles and from £2,000 on used.
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Personal Contract Hire (PCH)
Personal Contract Hire is a fixed cost rental agreement.
You first choose your new Suzuki car, pay an initial rental in advance, followed by fixed monthly rentals to suit your budget. You can even choose an optional maintenance package as part of your agreement which can help take away the hassle of keeping your vehicle in good condition.
It’s different from Personal Contract Purchase (PCP) because there is no option to purchase the car at the end of the agreement and the vehicle must be returned.
How it works
Personal Contract Hire works by choosing from an initial rental payment in advance of 1-12 months, you then set the contract term between 2-5 years. You then decide your annual mileage limit - the minimum is 5,000 and the maximum varies by vehicle. If your circumstances change during your agreement you may be able to amend your contracted mileage. You can also then decide whether to add an optional maintenance package at an additional cost.
At the end of the contract you must return the car and you’ll have nothing more to pay if the vehicle condition is in line with BVRLA guidelines and hasn’t exceeded the maximum agreed annual mileage.
If the vehicle doesn’t meet the mileage and condition terms, then excess charges will apply.
Benefits include:
- Hassle free motoring - road tax is included and no disposal worries
- Flexible initial rentals - choose between 1-12 months advanced payment which will help you set monthly rentals to suit your budget.
- The higher initial rental in advance you pay the lower the remaining monthly rentals will be
- Fixed monthly payments to suit your budget
- You can terminate the contract early by paying 50% of the remaining rental cost and any other charges incurred
- Optional vehicle maintenance packages to make sure your car stays in good condition
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Hire Purchase (HP)
Hire Purchase is a car finance agreement that allows you to spread the cost of buying a car over a period of time, and own the vehicle at the end of the agreement. Ultimately, this means getting a car is more affordable as you can spread the cost of your car over a longer period of time.
With our hire purchase arrangements, you’ll pay a fixed monthly cost for your Suzuki. You'll have flexibility in the amount you pay each month, depending on how much you decide to pay up front, the length of the agreement and the type of Suzuki you choose. It's also worth bearing in mind that credit is subject to status.
Benefits include:
- Flexible deposit options
- Fixed interest rate and monthly repayments (including any interest) over your chosen period (1-5 years)
- Fixed monthly repayments to suit your budget
- You won’t be restrained to a certain mileage
- Choose any new or used car as long as the car is less than 14 years old at the end of the agreement
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SUZUKI FINANCE GUIDE
In depth information to help you choose the right product for you.
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