We know everyone’s needs are different, which is why we offer a variety of flexible finance options to help you spread the cost of purchasing your vehicle or leasing options to suit your lifestyle.

Our friendly team will explain everything clearly… no jargon, no pressure - so that you can make your decision with confidence.

Letchworth Autoway Centre Limited is an Appointed Representative of Automotive Compliance Ltd who is authorised and regulated by the Financial Conduct Authority (FCA No. 497010) so you can trust you’re in safe hands.

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Dacia Sandero in orange and blue parked outdoors in a forest park area.

FINANCE EXPLAINED

Finding the right finance option should feel simple. Whether you’re looking for lower monthly payments, eventual ownership, or the flexibility to change your car regularly, we’re here to help you understand the options available. At Letchworth Renault & Dacia, we offer a range of finance products designed to suit different driving habits, budgets, and lifestyles.

Watch the videos below to understand which finance type may suit your needs best. 

Hire Purchase (HP)

Hire Purchase is a straightforward finance option designed for customers who want to own their vehicle outright at the end of the agreement.

With HP, you pay:

-A deposit

-Fixed monthly payments over an agreed term

-There’s no large final payment at the end. Once all payments have been made, the vehicle becomes yours.

Benefits of HP include:

-Simple and easy-to-understand structure

-Fixed monthly payments

-Full ownership at the end of the agreement

-No mileage restrictions

HP is often a great choice for customers planning to keep their vehicle for many years.

Personal Contract Purchase (PCP)

PCP is one of the most popular ways to finance a car because it can offer lower monthly payments and greater flexibility at the end of the agreement.

With PCP, you pay:

-An initial deposit

-Fixed monthly payments over an agreed term

-An optional final payment (sometimes called a balloon payment)

Because part of the vehicle’s value is deferred until the end of the agreement, monthly payments are often lower than other finance options.

At the end of your PCP agreement, you can choose to:

-Hand the vehicle back

-Part exchange for a new vehicle

-Pay the optional final payment and own the car

PCP can be ideal if you like changing your vehicle every few years or want lower monthly payments while keeping your options open.

Contract Hire (CH)

Contract Hire is a long-term vehicle rental agreement that allows you to drive a new vehicle without the commitment of ownership.

You simply:

-Choose your vehicle

-Agree your annual mileage

-Pay an initial rental followed by fixed monthly rentals

-At the end of the agreement, you return the vehicle.

Benefits of Contract Hire include:

-Fixed monthly costs

-No worries about vehicle depreciation

-Opportunity to drive a new vehicle more regularly

-Maintenance packages may be available

Contract Hire can be ideal for drivers who prefer convenience and like upgrading to a new vehicle every few years.

Letchworth Autoway Centre Limited is an Appointed Representative of Automotive Compliance Ltd who is authorised and regulated by the Financial Conduct Authority (FCA No. 497010). Automotive Compliance Ltd’s permissions as a Principal Firm allows Letchworth Autoway Centre Limited to act as a credit broker, not a lender, for the introduction to a limited number of lenders, and to act as an agent on behalf of the insurer for insurance distribution activities only.

We are a credit broker and not a lender. We can introduce you to a lender on our panel, which includes lenders of vehicle manufacturers. We have commercial arrangements with lenders and credit brokers which are likely to influence who we introduce you to. We are not an independent financial adviser and don’t give you any advice or recommendations. It is your choice whether you enter into any finance agreement.

Our approach is to introduce you first to the manufacturer lender linked to the franchise offering you the vehicle. They will usually offer the best available package for you, taking into account both interest rates and other contributions (but we do not guarantee they do). If they are unable to offer finance, we then seek to introduce you to someone else on our panel. We will usually receive a commission for your introduction. This will be either a fixed fee, or a fixed percentage of the amount that you borrow. This may be linked to the vehicle model you choose.

Lenders of vehicle manufacturers may also provide preferential rates to us for the funding of our vehicle stock and also provide financial support for our training and marketing. But any such amounts they and other lenders pay us will not affect the amounts you pay under your finance agreement. Before we propose you to a potential lender, we will tell you of the likely amount of commission we will receive and seek your consent to receiving this commission. The exact amount of commission will be confirmed before you sign your finance agreement.

All finance applications are subject to status, terms and conditions apply, UK residents only, 18s or over. Guarantees may be required.

 
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