Quick Links
Find Us
Sell Your Car
Saved
Ford
Call Us
Sell Your Car
Call
Menu

Contact

Close
Contact
Back
You are here:

Personal Car Finance Plans at Foray Motor Group Ltd

Explore Personal Car Leasing and Finance Plans at Foray Motor Group.

Finding the best finance plan for your car can feel overwhelming. At Foray Motor Group, we offer flexible finance options, including Personal Contract Purchase (PCP) and Hire Purchase (HP) for new or used vehicles.

If you’re looking for a Ford car on finance, discover our Ford finance offers where you can enjoy the newest models with 0% APR on your finance plan.

Ford finance offers

Below, we take a look at PCP vs HP finance to help you better understand the difference so that can you make the best decision for your needs and budget.

If you need any further guidance, our team can answer any questions you might have.

Contact us about finance

Looking for commercial vehicles or vans on finance? Check out our commercial finance plans.

Personal Contract Purchase (PCP)
What is Personal Contract Purchase (PCP)?

What is Personal Contract Purchase (PCP)?​

Personal Contract Purchase (PCP) is a finance agreement that gives you the opportunity to buy a new or a used car.

Buying a car on PCP is similar to a Hire Purchase agreement (HP) in that you will usually pay an initial deposit, followed by monthly instalments over a term - typically between 18 to 48 months.

What makes PCP different from HP is that your monthly instalments pay off the car's depreciation, not its entire value, over the term.

When your agreement ends, you must make a final balloon payment if you want to keep the car. The balloon payment is often referred to as the Guaranteed Future Value (GFV).

Ford Options

Ford Options is Ford’s Personal Contract Purchase (PCP) and is suitable if you like to enjoy a new Ford car every two or three years. At the end of your Ford Options agreement, you will have three options to choose from:

  1. Renew your Ford. If you would like to renew your Ford you can trade it in at your local Foray Motor Group dealership or sell it privately. You must settle your account, and then you may use any excess value over the Optional Final Payment as a deposit towards your new Ford.
  2. Return your Ford. If you would like to return your car, Foray will complete a vehicle appraisal. As long as your car meets our fair wear and tear standards, is within the agreed mileage, and your account is up-to-date, there will be nothing further to pay. Additional charges will be made if you exceed the agreed mileage or if your car does not meet our fair wear and tear standards.
  3. Retain your Ford. Ford Options also gives you the flexibility to own the car at the end of the agreement. All you need to do, assuming all payments have been made, is arrange payment of the Optional Final Payment, which was deducted at the start of your agreement, plus the purchase fee.

Your Sales Manager at Foray will contact you before the end of your Ford Options agreement to make sure you have plenty of time to decide which option is right for you.


Ford Options finance offers

How does PCP finance work?​

Close

When you have chosen your vehicle, you will agree on your annual mileage and decide on the agreement terms.

The Guaranteed Minimum Future Value (GMFV) of the vehicle at the end of the agreement will then be determined, and a deposit and monthly amount will be set based on your repayment capabilities.

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

  • Return – Simply return the vehicle
  • Retain – Keep the car by paying the optional final payment
  • Renew – Trade it in for another car

What are the advantages of PCP?

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

What should you consider when opting for 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 personal contract purchase agreement early?

Close

You can normally settle your agreement early by asking the finance company to provide you with a settlement figure*.

After paying that sum, you can choose to hand the car back or you can take full ownership of the car by paying off the remaining balloon payment (GMFV).

*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. However, 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.

Speak to us about the best finance option for you!

Hire Purchase (HP)
What is Hire Purchase (HP)?

What is Hire Purchase (HP)?

Hire Purchase is a way to finance buying either a new or used car. You will normally pay an initial deposit and will pay off the entire value of the car in monthly instalments. When all the payments are made, the Hire Purchase agreement ends, and you own the car outright.

Ford Acquire

Ford Acquire is Ford’s traditional Hire Purchase plan with flexible terms to suit your needs and renew at any time.

Your deposit is deducted from the price of the car. Your monthly payments are the balance plus any interest and fees, divided into equal monthly payments depending on the length of your agreement.

The interest rate will be fixed over the loan duration, which will be between 12 to 60 months, and a deposit may not be required.

At the end of your agreement, once all payments have been settled, you will own your car.

Ford Credit: Finance subject to status. Guarantees/indemnities may be required. Freepost Ford Credit.

What are the advantages of HP?

Close
  • You’ll be able to drive away a car that you may not have been able to buy outright.
  • Unlike a Personal Contract Purchase (PCP) or a Personal Contract Hire (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 you consider when opting for HP?

Close
  • Monthly HP 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 a car on HP without settling the HP finance agreement.
  • 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 Hire Purchase agreement early?

Close

The short answer is yes. You can end your Hire Purchase agreement 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 can take full ownership of the car.

Speak to us about the best finance option for you!


PCP or HP: Which one should you choose?

If you want a flexible agreement with lower monthly payments and the option to upgrade your car frequently, Ford’s Personal Contract Purchase may suit you better. If full ownership is your goal and you prefer no mileage restrictions, Ford’s Hire Purchase might be the way to go.

Still wondering what's the difference between Hire Purchase and Personal Contract Purchase? Speak to our team at Foray Motor Group to find the best Ford motor finance options for your needs.


Browse our used carsBrowse our new cars
Finance Below we outline the finance products available to you to fund your new car purchase. Our team are available to assist with any questions, whether up front or throughout the journey should you wish to purchase online.
Tailor Your Finance