Why finance with Malcolm Waite?

Competitive Rates

APR from as low as 8.9%

Quick & Easy

​Get a decision in minutes

Fully Online

Complete your finance at home

Finance Options

The finance specialists at Malcolm Waite in Sandwich, Deal & Dover are always ready to help and give advice regarding our wide selection of finance options available for all our customers. Through discussions we will find out your specific needs, and so our specialist dealership team members will then be able to arrange a perfectly tailored finance package to suit you and your requirements.

The benefits that come with a dealership finance package extend beyond added security. When compared to a personal loan, you will have a shorter term, as well as lower monthly payments. Choosing a finance option with us means that documents can be completed quickly and easily, eliminating unnecessary paperwork altogether and thus making the buying process as smooth and simple as possible. Let us help you acquire a piece of history.

Watch Our Video What is Personal Contract Purchase (PCP)?

Personal Contract Plan

Few finance options are as popular with customers as the Personal Contract Plan (PCP). The vehicle cost is divided monthly, with the payments reduced (in comparison to the Hire Purchase) as a result of a final lump-sum arrangement at the end of the finance contract, which is based on the estimated value of your vehicle. The flexibility of the offer comes from being able to change your car during the contract in addition to the lower payments.

Get in touch today with one of our finance specialists and find out how we can personalise for you the experience of buying a legendary car with a rich history while making the process as smooth and simple as possible. We look forward to speaking with you soon at Malcolm Waite Ltd in Sandwich.

How does PCP actually work?

Close

When you have chosen your vehicle, you will then agree your annual mileage and decide on the agreement term with your sales executive.

We will then determine the Optional Final Payment (OFP) of the vehicle at the end of the agreement and work out a deposit and monthly amount that works for you.

At the end of your agreement you will then have three options:

Return – Simply return the car the back to us
Retain – Keep the car by paying the optional final payment
Renew – Trade it in for another car

For a quotation, help, or advice contact your local dealership and ask to speak to one of our sales executives.

What are the advantages of PCP?

Close

  • Monthly payments on a car financed by PCP are usually lower than if your car is financed by a Hire Purchase agreement.
  • If you decide not to buy the car, you can simply walk away when you've made all the payments.
  • Similar to PCH, you can drive away a new or used car every few years (dependent on the chosen term) without worrying about selling it on.
  • If your car is worth more than the Guaranteed Future Value then you can use that equity towards a deposit on a new car.

What should I consider when opting for a PCP?

Close

  • If you want to buy the car you will need to pay your final balloon payment (the Guaranteed Future Value).
  • Similar to PCH, you will need to agree on a mileage allowance at the beginning of your contract and there may be excess mileage charges if you exceed this.
  • You won’t be able to sell the car without settling the finance.
  • You won’t own the car until you have made all of your repayments.
  • You’ll need to keep the car properly insured, maintained and in your possession until the full value is paid off.

Can I settle my PCP agreement early?

Close

You can normally settle your agreement early by asking the finance company to provide you with a settlement figure. However, the finance company will require you to pay off the difference between what your car is worth, and what you still owe and there may be a difference which is known as negative equity. On the other hand, you may find that at the end of your term your car is worth more than the Guaranteed Future Value, which means you will have some positive equity to contribute towards your next car.

Watch Our Video What is Hire Purchase (HP)?

Hire Purchase

One of the most straightforward finance options out there is the Hire Purchase (HP), which spreads the cost of your purchase from two to five years, with no mileage restrictions in place. In addition, the payments are regular and fixed, making budgeting for the plan easy. Once the agreement ends, you will become the owner of the car.

What are the advantages of HP?

Close
  • You’ll be able to drive away a car that you may not have managed to buy outright.
  • Unlike a PCP or PCH contract, you won't need to estimate your mileage at the start of your Hire Purchase agreement, so you'll avoid excess mileage charges.
  • Once you’ve made your final monthly payment, including the option to purchase fee, you'll have full ownership of the car.

What should I consider when opting for HP?

Close

  • Monthly payments may be higher than some other finance options, such as PCP, as you're paying off the full value of the car.
  • You won’t be able to sell the car without settling the finance.
  • You won’t own the car until you have made all of your repayments.
  • You’ll need to keep the car properly insured, maintained and in your possession until the full value is paid off.

Can I settle my HP agreement early?

Close

The short answer is yes, you can end your finance early. There are different provisions within each finance agreement that allows you to do just that. If you have got through two-thirds of the way through your finance agreement, the options to end the finance agreement early open up.

For a Hire Purchase agreement, there is an option of paying it off early through a settlement fee. A settlement fee covers the cost of any remaining unpaid instalments and interest payments remaining on the agreement. Once the settlement fee is paid, you take full ownership of the car early.

Under a Personal Contract Purchase agreement, you can also pay a settlement fee for bringing the agreement to an end early. After that, you can choose to hand the car back or you have a second option. Through a PCP agreement, you can take full ownership of the car by paying off the remaining Guaranteed Minimum Future Value also known as a balloon payment.

Free & Fast Buy my Car online. When selling or part-exchanging your Car, it is essential to know what your vehicle is worth in order to get the best price.
nd.auto.require(['jquery'], function ($) { var jQuery = $; });