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Why Finance your car?

By choosing to finance your car, you can pay with easy-to-manage low monthly payments.

Learn more about car finance

Below you can find some Frequently Asked Questions about car finance. At Speedwell Online, most finance packages available will be either HP, CS or PCP depending on the age of the vehicle.

Hire Purchase - exactly what it sounds like, a hire agreement which gives you an option to own the car at the end of the agreement. The loan period is fixed typically between 12-60 months, and the finance agreement is secured against the car being bought. On an HP Agreement, you are obliged to purchase the vehicle by paying an Option To Purchase Fee.

Benefits - Quick and easy to arrange in the showroom, flexible terms from 12 months to 60-month agreements. Fixed APR throughout the term and fixed monthly payments. Ability to overpay with no penalties. Low deposit terms at the beginning of the Agreement, Finance Agreements are regulated so customers have Rights and Protection under Law.

Personal Contract Purchase - is a variation of the Hire Purchase agreement, the key difference is that the anticipated value of the car at the end of the contract is calculated at the start of the agreement and this figure is deferred to the end of the agreement. This deferred sum is usually referred to as the Guaranteed Minimum Future Value (GMFV) or optional final payment. The PCP agreement also gives you the flexibility to decide whether you would like to own the car outright at the end of the agreement.

Benefits - PCP Deals have fixed regular payments for easy budgeting, regular payments are reduced because the GMFV is deferred to the end of the agreement. The GMFV protects you against any potential fall in used vehicle values. Flexibility, you choose the deposit, annual mileage and agreement term to suit your needs.

Conditional Sale - is a purchase agreement, similar to Hire Purchase. The key difference between a Hire Purchase and a Conditional Sale is that once all the repayments have been made you commit to becoming the legal owner, there is no option to purchase fee.

Benefits - Quick and easy to arrange in the showroom, flexible terms from 12 months to 60-month agreement. Fixed APR throughout the term and fixed monthly payments. Balloon payments can also be used under Conditional Sale agreements.

Personal Contract Hire - provides hassle-free motoring, you benefit from a low initial outlay, regular rentals and no worries about disposing of your vehicle at the end of the contract.

Benefits - Low initial outlay for easy budgeting. No concerns over the future value of the vehicle. You will not own the vehicle at the end of the term.

Customer Reviews

“Highly recommended! Excellent service all round from the start, great car, very pleased!…”

C Jenkins - Paignton

“Very professional, only too pleased to be of assistance. Quick and speedy service when tra…”

Michael H

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Clive B - Newton Abbot

“No hard sell at Speedwell. All the staff I dealt with during my purchase were really frien…”

Mark J

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Elizabeth M - South Brent, Devon

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Joan D

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JP - Newton Abbot

“Excellent service, nothing was to much trouble. Grant couldn’t have been more helpfu…”

Gary Moggeridge - Torquay

“Absolutely fabulous service and help through every stage of purchasing my car. Richard jus…”

Julie - Kingsteignton

“A very big thank you to John. First class service and a real gent. No pressure just genuin…”

Hugh Christophers - Launceston