Supplier of all makes of new and used vehicles.
Your Finance Options
Angus MacKinnon provides a wide range of finance facilities, which are
described below.
To enquire about used car finance with Angus MacKinnon please click here
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.
To enquire about used car finance with Angus MacKinnon please click here
Low Payment Plan
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:
- If you want to keep the vehicle, you can simply pay off or refinance the outstanding balloon payment.
- 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.
- You can sell the vehicle privately and keep any profit over and above the RV.
To enquire about used car finance with Angus MacKinnon please click here
Personal Contract Purchase
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:
- 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.
- If you want to keep the vehicle, you can simply pay off or refinance the outstanding balloon payment.
- 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.
- You can sell the vehicle privately and keep any profit over and above the GFV.
To enquire about used car finance with Angus MacKinnon please click here
Impartial Advice
We are confident that our products are suited to a wide range of finance needs,
but if you are not sure then the Finance and Leasing Association have produced
an impartial guide to motor finance.
Their simple guide to your finance options will explain how the different products work and their finance decider tool will help you choose which product is the most suited to your needs.
To enquire about used car finance with Angus MacKinnon please click here
Glossary
- 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.
- 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.
- Guaranteed Future Value (GFV) - it is the lowest amount that your car is guaranteed to be worth at the end of a contract purchase deal and will usually be the same as the deferred amount on 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.
To enquire about used car finance with Angus MacKinnon please click here