PERSONAL CONTRACT PURCHASE [PCP]
Ideal if you like to budget, drive the latest model and keep your options open.
How it works:
PCP allows you to keep your monthly payment amount low by deferring a significant portion of credit to the end of the agreement.
First, decide upon the taxi for you and agree an initial deposit you'd like to pay.
Estimate how many miles you're likely to travel each year and how long you'd like the agreement to run for.
This information is used to calculate the guaranteed future value of the vehicle - which is what the taxi is estimated to be worth at the end of the agreement.
This amount is the deferred optional final payment at the end of the term.
The deposit and optional final payment are deducted from the price of the taxi, the remaining balance provides you with low, fixed monthly repayments.
At the end of the term, you have three options, either: part exchange your taxi for a new one using the equity built up; pay the deferred final payment to own the taxi; or return the taxi to us with nothing more to pay.
HIRE PURCHASE [HP]
Ideal if you like to budget & know the exact repayment amount each month & want to own a taxi outright.
How it works:
Decide upon the new or used taxi for you.
Agree on an initial deposit and how long you'd like the agreement to run for. Our agreements typically run between 2-5 years on new taxi.
Upon credit approval, you can drive away in your new taxi and after you've made all repayments, you have nothing further to pay.
What's more, there are no annual mileage conditions.