Finance Overview
Hire Purchase
Hire Purchase is a simple and straightforward way to finance your next car with MCS
Once you have chosen your var and decided on your deposit, you just need to make one decision that will affect your monthly payments:
Your repayment period
Choose any repayment period between 24 and 60 months
At the end of your agreement
Once you have paid all repayments and the option to purchase fee, the vehicle is yours to keep.
Important information to consider
Ownership of the vehicle will remain with your Lender until you have paid both the option to purchase fee and all monthly payments
It is really important that you keep up to date with your monthly repayments so please contact us if you are having any difficulties as the vehicle may be at risk if you don’t
Hire Purchase is a simple and straightforward way to finance your next car with MCS
– Flexible deposit options from £0
– Fixed monthly payments
– Ownership at the end of your agreement
Finance Example:
| Cash Price | £9995.00 |
|---|---|
| Deposit | £500.00 |
| Balance to finance | £9495.00 |
|---|---|
| Monthly payment | 60 x £207.85 |
| Total payable | £12471.00 |
| Total interest | £2976.00 |
| APR | 11.9% |
Representative APR Explained
APR stands for the Annual Percentage Rate. The Representative APR indicates the annual costs applied to your loan (including not just the rate of interest but also any fees). All lenders have to calculate the APR in the same way, making it a reliable way to compare the costs of different loans.
APR (Annual Percentage Rate) Explained
APR stands for Annual Percentage Rate and is a way of indicating the amount of interest you will have to pay over a year.
Finance Equity Explained
Equity is the value of your financial interest in a vehicle, calculated by subtracting the amount of the loan you have yet to pay off from the overall price of your car. If the actual value of your car exceeds the car’s guaranteed minimum future value, the extra money is equity that can be used as a deposit on your next car.
Optional Final Payment Explained
Some finance types give you the future value of your car at the end of your finance agreement, this is called the optional final payment or guaranteed future value and it does just that. By giving you protection that your vehicle will be worth this amount as a minimum at the end of your finance term.
Early Settlement Explained
Early Settlement is the termination of a finance agreement by paying all monies outstanding before the lease end date. When settling early it is important to note you could be liable for additional interest charges
Finance Comssion Disclaimer
Please note that when you purchase a vehicle through MCS and choose to arrange finance, we may introduce you to a number of finance providers. If you decide to enter into an agreement with one of these providers, we may receive a commission or other benefit from the finance company for introducing you. The amount of commission we receive may vary depending on the lender, the product, or the amount borrowed, but it will not affect the amount you pay under your finance agreement.
Finance Your Next Car with MCS
Drive the car you want, with finance that works for you.
At MCS, we make car finance simple, transparent, and tailored to your needs. Whether you’re looking for a quality used vehicle, or simply the best way to upgrade, our flexible finance options put you in the driver’s seat.
We work with trusted lenders to offer competitive rates, fast approvals, and finance plans designed around your budget. From Hire Purchase (HP) to Personal Contract Purchase (PCP), we’ll guide you through every step so you can make the choice that’s right for you.
No jargon. No hidden fees. Just straightforward car finance to help you get on the road with confidence.
*All finance deals are subject to status.
When you arrange car finance through us, we may receive a commission from the lender for introducing you. This commission is a fixed fee or a percentage of the amount borrowed, and it does not affect the interest rate or the total amount you pay for your finance agreement.