Vehicle Finance made simple
Whether you’re a company, partnership, sole trader or a private individual we have the vehicle finance to suit your needs. Switched On Solutions can give you access to vehicle finance solutions through our many finance partners, even if you have a poor credit history or cannot prove your income. If you have been turned down by a finance company we can help. Just complete the enquiry form below and let us do the rest.
Switched On Solutions provide a personal service helping you to source the vehicle that you want with the finance deal most suitable for you.
With the emphasis always on high customer service, we can provide a wide range of funding options, from lease or purchase, on any of the following facilities: Contract Hire, Finance Lease, Contract Purchase, Lease Purchase, Hire Purchase, Personal Contract Hire and Personal Contract Purchase.
Personal Contract Purchase (PCP)
This is similar to a hire purchase agreement. You are likely to be asked to pay an initial deposit and then monthly payments for a set period of months. However, the higher the deposit is the lower the monthly repayments. Even with the deposit monthly payments are typically lower than you would find with a hire purchase agreement or a personal loan. This is because you are only paying off the value of the depreciation of the car not the full value of the vehicle.
At the end of the agreement you can decide to keep the vehicle you will need to pay what is known as a balloon payment. This payment covers the cost of the vehicle and the transfer of ownership from the finance company to you. If you don’t want to keep the vehicle you can give it back and start a new PCP deal and get a new vehicle.
This is usually an unsecured loan which allows you to borrow a lump sum over a fixed period of time. This loan isn’t secured on the vehicle which means that you will own it outright from the day the money is transferred to the dealership. This means that you could sell your vehicle at any time but would still be required to keep up the repayments with the finance company, however you would not be required to pay off the debt on the sale of the vehicle.
Hire Purchase. (HP)
In this type of finance agreement you are basically hiring the vehicle from the finance company until you have fully paid for it. The finance company own the vehicle until the final payment is made. After this time the vehicle is yours to keep. However during this period if you fail to keep up the repayments the finance company can reposes the vehicle. Again, the larger the deposit, the lower the monthly repayments.