SPREAD THE COST OF YOUR VEHICLE

Hire Purchase (HP)

You can spread the cost of your car, van, or motorcycle by paying in fixed monthly instalments. With terms from 12 to 60 months and a deposit amount, you can choose the right payment plan that suits your budget.

When you have paid off the finance agreement and settled the option to purchase fee, the vehicle becomes yours.

You can enjoy a one month payment holiday before your first instalment is due, with interest calculated from the day your agreement starts. 

Pros & Cons

• No minimum or maximum deposit price, so you can have more control over the amount of finance required
• Flexible repayment terms to suit your monthly budget
• Fixed interest rates, so you know exactly what you’re paying every month for the length of the term
• You don’t own the vehicle until you’ve made your final payment, which means the vehicle could be repossessed if you do not maintain contractual payments
• You cannot sell or give the vehicle away until you have paid all of the repayments under the finance agreement

Personal Contract Purchase (PCP)

Spread the cost of your vehicle by paying in fixed monthly instalments with terms from three to four years.

This product contains a balloon payment at the end of the finance agreement, which usually makes the monthly instalment amounts lower than a traditional Hire Purchase (HP) agreement. This is great for customers who like to change their vehicle frequently.

When you have paid off the finance agreement, and the final balloon payment or Guaranteed Minimum Future Value (GMFV), the vehicle becomes yours. 

Alternatively, you can return the vehicle to the dealership, use it as a part exchange against your next vehicle or refinance the balloon payment into a new HP agreement, subject to finance approval.

You cannot sell or give the vehicle away until you have paid all of the repayments under the finance agreement.

Finance is provided by Motonovo Finance, One Central Square, Cardiff, CF10 1FS. This is not a commitment to lend, and applications are subject to an underwriting decision.
MotoNovo Finance limited. Registered in Wales under Company No 11556144. Registered Office: One Central Square, Cardiff, Wales, United Kingdom, CF10 1FS. Authorised and regulated by the Financial Conduct Authority. Indemnities may be required in certain circumstances. Finance is only available to UK residents aged 18 or over, subject to status. Terms and Conditions apply. On a PCP product, you do not have to pay the Final Payment ONLY if you return the vehicle at the end of the agreement, you have paid all other amounts due, the vehicle is in good condition and has been serviced in accordance with the service book. Excess mileage charges may apply along with other terms and conditions, which will be contained within the finance agreement.