Pentraeth Mitsubishi provide a wide range of finance facilities which are described below.

If you are looking to buy your next car using fianace we will be happy to advise you, all you need to do is follow the simple steps below. We have included a summary of the different option available to you to help you in your decision but please do not hesitate to contact Stephen Thomas on 01248 718230 to discuss your requirements.

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Contact Stephen Thomas our Business Manager to discuss your options on 01248 718230 or
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Financing Your Next New Car

Hire Purchase

Hire Purchase (HP) is very similar to borrowing a sum of money from a bank and paying it back over a fixed period of time, with interest. Hire Purchase is a type of secured loan which are often preferred over alternative (unsecured) loans because they allow a greater borrowing limit. The term "secured loan" means exactly that, a loan that the lender can secure against an asset (in this case, the vehicle). HP gives you additional rights over those of a personal loan and is only available through dealers that have passed the stringent approval process of the finance companies.

Lease Puchase will enable you to purchase your next car with lower monthly repayments. The way this is achieved is by deferring an amount of the total cost of the vehicle to the end of the agreement. This amount is
known as the Residual Value (RV).

It is the customers responsibility to settle the final payment either though additional finance, cash or settlement by part-exchange.

The Lease Purchase product has no tie to a mileage contract. Repayment periods are typically taken over 2, 3 or 4 years and settlement can be made at any stage of the agreement. We would recommend that you select your anticipated annual mileage to a realistic level so that a realistic Residual Value is set for the vehicle. At the end of the agreement you have two options:

1) If you want to keep the vehicle, you can simply pay off or refinance the outstanding balloon payment.

2) You can come back to us and part exchange your vehicle for a new one. If the trade-in value is greater than the RV, the difference can be used towards a deposit on the next agreement.

A Personal Contract Purchase (PCP) plan will enable you to purchase your next car with lower monthly repayments. The way this is achieved is by deferring an amount of the total cost of the vehicle to the end of the
contract. This amount is known as the Guaranteed Future Value (GFV).

The Guaranteed Future Value plus your deposit is subtracted from the cash price of the vehicle and your monthly payments are based on the balance (plus interest on the balance and the GFV).

By only repaying the difference between the cash price and the optional balloon payment you are only financing the depreciation of the car.

At the end of the contract you have four options:

1) You can return the vehicle to the finance company. As long as you have not exceeded the agreed mileage, you will have nothing more to pay.

2) If you want to keep the vehicle, you can simply pay off or refinance the outstanding balloon payment.

3) You can come back to us and part exchange your vehicle for a new one. If the trade-in value is greater than the GFV, the difference can be used towards a deposit on the next agreement.

4) You can sell the vehicle privately and keep any profit over and above the GFV.

What is Contract Hire?

Contract Hire is a rental product where the monthly rentals for a vehicle are based on the period of hire, the annual mileage, the vehicle price and the anticipated future value of the vehicle. Service and maintenance cover can be introduced. On a contract hire agreement, you pay an initial payment of three or six monthly rentals and this is followed by equal monthly rentals over the 2 or 3 year period of the contract. At the end of the agreement, as long as you have fulfilled the mileage and condition requirements, you simply return the vehicle to us.

Key benefits of Contract Hire

• Contract Hire offers lower fixed monthly rentals.
• Rental fees for contract hire vehicles are allowable against tax (restricted on the cars costing more than £12,000).
• 50% of the VAT can be reclaimed on rentals on cars (the actual percentage may vary).
• There's an optional maintenance package to cover unexpected costs for contract hire vehicles.
• Cash flow is improved.
• Administration is minimal to setup an agreement for a contract hire vehicle.
• Contract Hire protects you against any fall in used vehicle prices.
• You're not responsible for disposing of the vehicle via a contract hire approach since the vehicle is simply returned.
• Your vehicle can be changed for a new one every 2 or 3 years.

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