Cowley Motor Company

Car finance from Cowley Motor Company

Here at Cowley Motor Company, we work hard to ensure that purchasing a vehicle is as easy and affordable as possible. That’s why we’re delighted to provide you with full details on financing your purchase, and the process you should follow prior to your visit to our dealership.

Applying before your visit

How you choose to pay for your vehicle is entirely up to you. Of course, for most, some form of vehicle financing is required, particularly when you’re parting with many thousands of pounds over the course of a few years. Through Cowley Motor Company, you will be able to apply for vehicle financing before you visit us in person, thereby eliminating any risk of disappointment should the unlikely occur and you be ineligible for finance when you’re just about to purchase.

Instead, you can apply from the comfort of home to ensure that you’re accepted well in advance of arrival. Note, however, that simply applying for finance does not mean you are committed to buying a vehicle from us; it simply means you are eligible to fund your purchase should you so wish. Of course, when applying for finance, the first step is often to:

Decide on the model you wish to purchase

You can head over to our list of high-quality used cars to learn more about the various models we have available. From affordable runarounds such as the Citroën C1 to exceptional quality SUVs including the iconic Range Rover, our selection offers something to suit the needs of everyone. Not only that, but we also provide you with example financing details to demonstrate just how affordable purchasing can be.

Apply for your finance

Once you’ve decided on the best vehicle for you, it’s simply a case of applying for your finance. This only needs to be done once - even if you miss out on the car of your choice, any financing agreement can be seamlessly transferred to an alternative vehicle.

Finance options available

At Cowley Motor Group, we are pleased to be able to help you secure financing through a number of schemes. These are:

Hire Purchase: One of the most popular schemes, Hire Purchase requires you to pay an initial deposit followed by fixed monthly repayments that pay off the remaining balance of the vehicle. At the end of the agreement, and following payment of any administrative fees, you will become the full registered owner of the vehicle.

Personal Contract Purchase: Similar to a Hire Purchase scheme, a PCP arrangement requires a deposit followed by low monthly repayments. However, at the end of the contracted period, you will be presented with the option of a final balloon payment - which covers the guaranteed future value of the model - to take ownership or the car, or be able to walk away with nothing more to pay. As such, the monthly repayments are often significantly lower than on other schemes.

Lease Purchase: A Lease Purchase agreement follows the same process as a PCP arrangement, deferring the guaranteed future value to the end of the term. Unlike PCP, however, this payment is not optional and you will be required to pay in full.

Benefits of car finances

There’s plenty of reasons why purchasing a model via car finance represents such good value for money, most notably:

  • Access to a range of lenders offering competitive rates
  • Financing packages tailored to you
  • Options including Hire Purchase, Lease Purchase, and Personal Contract Purchase
  • Low, affordable monthly payment plans
  • Competitive fixed rates of interest
  • Easy online application
  • Free credit score
  • Those previously refused credit catered for

Our commitment to you

When it comes to buying a used vehicle, you need to have complete confidence in the dealer from whom you’re purchasing. Plus, you need to know that you’re securing the best possible deal for any vehicle you buy, meaning that choosing the right financing package is vital. As such, we’re pleased to demonstrate our responsibility to you by treating our customers fairly according to the following commitments:

  • You can be confident that you’re dealing with a company that values the fair treatment of customers as a key principle to our corporate operations
  • All products and services we sell are designed to meet your needs and quality standards
  • You will be provided with clear and detailed information at every stage of the purchase and post-purchase process
  • All advice is offered and takes into account your specific circumstances
  • All products and services provided perform as expected and offer the quality discussed
  • You will never face unreasonable post-sale demands to change or amend the products or services acquired

Glossary of terms

Annual Percentage Rate (APR): The APR is the annual cost of any financial agreement over and above the amount borrowed, and includes interest rate charges and any other fees included in the agreement.

Balloon payment: The balloon payment is the figure to be paid at the end of an agreement, where specified. This value - known as the guaranteed minimum future value - represents the lump sum you will need to pay to take overall ownership of the car.

Credit agreement: This is the legally binding contract you enter with the financing company. It will detail the loan amount, term, rates of interest, and any other obligations, as well as your rights and responsibilities.

Credit rating: Part of the scoring system used by finance companies to determine your suitability for entering an agreement.

Fixed rate: This refers to the level of interest being charged throughout the agreement not changing.

Flat rate: The flat rate is the base interest rate charged on any finance, but does not take into consideration any additional fees. APR, therefore, offers a more accurate reflection of costs.

GAP insurance: Short for Guaranteed Asset Protection, GAP insurance will help cover the difference between the market value of your vehicle and the outstanding finance remaining in the event of an accident.

Guaranteed minimum future value: This is the forecast value of your chosen vehicle at the time the agreement comes to an end, and is the amount to be covered by the balloon payment in Lease Purchase and PCP agreements.

Option to purchase fee: This is the voluntary payment at the end of selected agreements which transfers ownership of the vehicle to you from the financing company.

Term: The agreed length of time that you will repay the finance you have borrowed.

Variable rate: The level that the rate of interest may vary throughout a term, a figure often affected by the Bank of England base rate of interest.Text here ...