Finance | Happy New Car
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01482 6698 68/66
LARGE ENOUGH TO COMPETE - SMALL ENOUGH TO CARE!
LARGE ENOUGH TO COMPETE - SMALL ENOUGH TO CARE!
BRAND NEW VEHICLES BUILT TO YOUR SPECIFICATION
BRAND NEW VEHICLES BUILT TO YOUR SPECIFICATION

Finance

Happy New Car offers a complete suite of finance solutions which can be designed around YOU and your own personal circumstances.  With low deposits and an excellent service why not try us?  After all it cost nothing to enquire!

Hire Purchase

This type of agreement is suitable for both business and private users who wish to acquire ownership once all the payments have been made. It is a pure funding method of spreading the vehicle purchase value over a pre-determined period. Part of the capitol cost of the vehicle may be deferred into a "balloon" payment at the end of the agreement based on the anticipated value of the vehicle resulting in lower monthly payments.

Key Benefits

  • Fixed monthly payments for the duration of the contract enabling more accurate budgeting
  • Initial payment requirements are generally low
  • You can purchase the vehicle at the end of the agreement
  • A residual value can be included in the lease thereby reducing the monthly payment

Personal Contract Purchase (PCP)

Designed for the consumer, PCP utilises the future value of a vehicle to reduce monthly payments. The value is then guaranteed based upon an agreed pre-determined annual mileage and period and allows for an option for the customer to either purchase the vehicle for this price or simply return it to the funder with no extra cost (subject to mileage and/ or condition). Service and maintenance facilities can also be included where required. At the end of the contract period, you have three options:

Hand back the vehicle to the finance company. (An excess mileage charge may be incurred if exceed the stated mileage).
Purchase the vehicle at the GFV value. (Regardless of market value.We can arrange a re-finance package if required)
Part-Exchange the vehicle. (This is by far the most popular option as it allows you the possibility of taking equity from the difference between the part-exchange price and the GFV figure on the vehicle. This amount can be used as a deposit on your next vehicle).

Key Benefits

  • Initial payment requirements are generally low
  • Pre-determined costs and fixed terms assist budgeting and smooth out cash flow
  • Rentals can include servicing and maintenance
  • No purchasing or disposal hassles
  • Option to purchase vehicle at end of contract offers flexibility
  • No risks of depreciation

Personal Contract Hire

Personal Contract Hire is designed to provide private individuals with many of the advantages previously only available to businesses. Again, service and maintenance facilities can be included in the monthly payment.
Personal Contract Hire (PCH) gives the user a fixed equal monthly rental for a fixed contract term and mileage. At the end of the contract the vehicle is simply handed back. This form of funding is popular with company car drivers who are given a mileage allowance instead of a company vehicle. It allows the individual to make their own choice and arrangements and can often results in you obtaining a car that you probably thought was out of your budget. It also means you will avoid benefit-in-kind taxation too.

At the end of the contract, provided that the contract mileage has not been exceeded and the vehicle is free from damage, you simply return the car to the finance company with no depreciation or vehicle disposal risks and minimum hassle.

Key Benefits

  • Initial payment requirements are generally low
  • Pre-determined costs assist in budgeting and improved out cash flow
  • Rentals can include maintenance and service packages
  • No purchasing of disposal hassles or risks
  • No depreciation risk
  • Road Fund Licence included for length of contract

Contract Hire

With Contract Hire, you can hire company vehicles for a pre-determined period at a fixed monthly rate with or without maintenance and servicing.

Contract Hire is a simple yet very effective solution and is a very popular choice with VAT registered companies who do not want the financial risks or administration and maintenance costs associated with purchasing and running their own company vehicles. It is also off balance sheet funding and up to 100% of VAT can be reclaimed on the rental provided that there is no element of personal use. If personal use of the vehicle is required then 50% of VAT can be reclaimed against your VAT liability. 100% of the VAT is recoverable on the maintenance element of the contract.

The monthly rental for Contract Hire, fixed for the lifetime of the contract covers the cost of the vehicle, depreciation and maintenance, recovery and replacement car (where included in the contract). It even covers the cost of road fund licence for the contract period too. All you have to do is insure it and put fuel in it and at the end of the agreement, provided that the contract mileage has not been exceeded and the vehicle is free from any damage, the hirer simply returns the vehicle to the finance company with no depreciation or disposal risks and minimum hassle.

Key Benefits

  • The rentals are tax deductible
  • Reduce administration and risk as maintenance, mechanical repairs, breakdown recovery and replacement car can be included in contract
  • Off balance sheet funding
  • No large capital outlay - - deposits are usually three months rental
  • Better, more accurate budgeting as monthly payment covers most costs
  • No disposal concerns or risks as this is the responsibility of the Contract Hire or Leasing company
  • Benefit from the purchasing power of large Contract Hire and Leasing companies
  • Improved Company Profile/Image - - Because of the way in which Contract Hire costs are calculated a more expensive and prestigious car may be less in monthly cost than a less expensive car

Finance Lease

Finance Lease works in a similar way to Contract Hire and again is a popular choice for VAT registered businesses that want to handle the administration and maintenance of their vehicles and have the asset shown on their balance sheet. You can run one vehicle or an entire fleet without any capital outlay.

A Finance Lease is a contract based upon a pre-determined period and simply finances the acquisition of a vehicle. A VAT beneficial finance option were the hirer can choose to pay the entire cost over the period of the lease period or pay lower monthly payments for the life time of the lease contract period with a final payment based on the anticipated resale value of the vehicle determined by the anticipated annual mileage. Finance Leases can be terminated early and offer greater flexibility although the hirer assumes responsibility for selling the vehicle to an independent third party at the end of the contract  and provides the opportunity for you to benefit from any equity available.

Key Benefits

  • The leasing company is able to reclaim, all of the VAT on the purchase price of the vehicle, which is reflected in much lower monthly payments to the customer
  • Fixed monthly payments for the duration of the contract
  • Initial payment requirements are generally low
  • Accurate budgeting and improved cash flow
  • Some element of VAT may be reclaimable on the rental
  • A residual/final value can be included in the contract thereby reducing the monthly payment and assisting cash flow