At Thrapston Garage we provide a wide range of finance facilities which are described below and fully integrated into our web site. From the comfort of your own home you can view all the available finance products for your next vehicle and generate your own personalised quotations by changing the deposit, term and annual mileage. Before you make your final decision on how you are going to fund your purchase have a look at the Car Loan Advisor. The link is situated on our home page and at the top our stock pages. This is a totally impartial web advisory that allows you to see all the positive and negative features of the finance products that are available to you. What makes it special is that you can change the detail so the advise you receive is relevant to your particular circumstances.
In addition, you can complete an application through our secure on-line proposal form which will pass your information directly to our finance company. You will then be guided through the process by them. In gaining pre-approval it allows you to make a considered choice on your next car purchase in a quick and convenient manner through a greater selection of finance products.
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.
Low Payment 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 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 Low Payment Plan product and 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 three options:
You are in no way obliged to buy the vehicle, but by applying you register an interest in the vehicle.
You can submit your details at any time, our system is availiable 24hrs a day for your convenience.
By arranging your finance in advance you can have the comfort of knowing your finances are in place.
The whole process is confidential with no need to disclose personal details to our operatives.
The service is provided on a secure server so your details are kept totally safe.
APR (Annual percentage rate) - a standard method of calculating the full cost of the interest and other charges on the finance. You should use the APR to compare the cost of different finance options, although lease agreements will not show an APR.
Balloon Payment - a one-off payment made by you at the end of some finance agreements. It will reduce your monthly payments.
Credit Rating - a scoring system used by finance companies to help decide how much finance to make available to you. Click here for more information
Flat rate - the base interest rate charged on the finance. Dealers will sometimes quote a monthly or annual flat rate but you should ask for the APR, which more accurately describes the true cost of the finance.
Residual value - the value of your car at the end of the finance agreement, after a certain time and mileage. It may or may not be guaranteed, depending on the terms of your agreement.
Total amount payable - the total cost of the finance, including any interest or other charges, if you repay the finance over the agreed period. This is a good way to compare the actual cost of various types of motor finance.
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