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Tangelo Auto Centre

Car Finance Explained: How To Pay At Tangelo

16 May 2023

At Tangelo we make buying your next used car very simple indeed, with a number of flexible buying options available that include cash payments, used car finance, and used car part exchange.

But understanding the different types of finance options on offer, the various lenders, and what suits you best can often be confusing, so we’re on hand to clear that up so you can find the best payment option that works for you!

How To Pay

Finance: Personal Contract Purchase

Commonly known as PCP, Personal Contract Purchases are not only a more flexible method of financing your car over a fixed amount of time, but it’s also the most popular method of buying a used cars amongst Tangelo customers.

Offering financial flexibility, Used Car PCP allows you to choose a vehicle deposit that works for you; with a larger deposit resulting in lower monthly instalments. On top of this, you can decide on the terms of your agreement, including your average annual mileage. Your mileage not only determines how much money you pay each month, but impacts the optional purchase payment at the end of your contract.

And whe­­­­n your PCP is up, you don’t have to own the car! You can choose to either hand the car back (the car must be in good condition and within the agreed mileage, otherwise additional charges may apply), part exchange it for another car on a new agreement, or finally, choose to pay the final repayment to own the car outright.

Finance: Hire Purchase

Known as HP, Hire Purchase plans are a straight forward and affordable route to vehicle ownership, with the customer working their way up to full ownership through a fixed term of monthly payments.

It really is simple, once the final installment has been paid, you own the car completely. And similar to PCP, Used Car Hire Purchase allows you to choose a vehicle deposit that suits your situation, and also allows you to decide on the terms of the agreement by agreeing your annual average mileage.

Another advantage to choosing a HP is not having to worry about varying interest rates. Interest rates on Hire Purchases are fixed for the duration of your agreement, regardless of any changes the Bank of England may announce, giving you that financial peace of mind.

Pay In Full

With various finance and part exchange options available, it’s easy to forget that upfront payments in full are still a popular way of buying cars, and of course we accept these at Tangelo! Paying in full means that from the moment you collect your keys, you own the vehicle outright with no strings attached.

Paying in full is not only quick and convenient as you don’t have to worry about waiting around for approval and financial agreements, but it means you avoid interest costs and other additional charges.

Part Exchange

Used Car Part Exchange offers buyers the chance to use the value of their old car as part of the payment for their new car. And when you choose to part exchange with Tangelo, we have a track record of valuating vehicles honestly and transparently. If you’d like to get a free part exchange quote for your current vehicle, then use our free online valuation tool right.

When it comes to part exchanging your vehicle, there are a few essentials that we’ll need from you to complete the exchange

  • MOT Certificate
  • Service History and Service Book
  • V5 Document
  • Owner’s Manual
  • Spare Keys
  • Any Accessories or Parts

Our Lenders

Black Horse

Part of the Lloyds Banking Group, Black Horse Finance offer versatile and personalised finance plans to help you spread the payment of your new vehicle. They offer Hire Purchase and Personal Contract Purchase plans, as well as various website tools that include a finance calculator and guidebooks to walk you through their finance products.

Santander Finance

Offering a wide range of financial products that include PCP and HP, Santander Finance provide a choice of finance options that can be tailored to suit your circumstances. Their key products include Purchase Plans, Personal Contract Purchases, Purchase Plans with a Balloon Payment, and Personal Contract Hire. Their website also provides a Product Comparison Tool, and further guidance on what finance product is best for you.  

Mann Island Finance

Supporting vehicle buyers since 1991, Mann Island Finance offer a selection of personalised finance options to help you find the best way to buy your next vehicle. As well as Hire Purchase and Personal Contract Purchase, Mann Island also offer personal loans, lease purchase, business contract hire plans and other packages.

Other Lenders

When it comes to our lenders, we can’t always guarantee that you’ll be approved for finance, but that doesn’t mean it’s the end of the line! The Tangelo Team will do everything they can to find the right finance package for you, so are willing to recommend other lenders that may suit you better, and get that all-important approval. These include:

Finance: Tangelo Are Here To Help!

If you have any more questions about used car finance at Tangelo, then you’ll be pleased to hear that our website offers an entire FAQ section dedicated to answering your finance queries. And if they’re not enough, the Tangelo Team will be happy to support you further, simply call us on 01395 239745, or email [email protected].

And when it comes to choosing your next car, once again we’re here to help! Just search our range of SUVshatchbackscoupesconvertibles, and more. Once you’ve found something you like, get a free online valuation for a part exchange on your car. Alternatively, you can buy in full or get fast online approval for a monthly finance plan. We also provide a home collection and delivery service to make the whole process a breeze.

 

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