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As more and more car buyers are taking out finance to pay for their cars, manufacturers are adjusting their credit deals to try and entice more custom. But are the most attractive 0% finance deals worth it? Let’s find out.
WHAT EXACTLY IS A 0% DEAL?
The good news is that 0% deals are plain and simple and exactly as they seem. You simply borrow an amount of money and repay just what you have borrowed without any interest payments or fees.
BUT WHICH FINANCE PLAN IS RIGHT FOR YOU?
One size does not fit all: that's true for vehicles and it's true for payment plans. We have a number of ways to finance your vehicle.
WHAT IS PCP?
If you enjoy the buzz of buying a new car, take a look at our Personal Contract Purchase Plan. Put simply, it's a short-term finance agreement that'll help you change your vehicle more regularly.
HOW IT WORKS
Pick your dream vehicle - used or new. Then roughly estimate what your annual mileage will be. Based on what you've told us, we'll work out the anticipated market value for your car once your contract finishes - i.e. the GFV. Then we'll add any interest charges and take off your deposit, plus the GFV, from the price of your new vehicle - to work out what regular payments you'll need to make
KEEP, SWAP OR RETURN - It's up to you what happens once your contract ends.
Keep - Just pay off the GFV - something we may even be able to help you finance.
Return - As long as it's in good condition and within the agreed mileage, there'll be nothing more to pay.
Swap - If you'd like to choose another vehicle, you can use the GFV towards a deposit.
WHAT IS HP?
If you're set on buying your vehicle, there's no need to get weighed down by the total cost of your car.
HOW IT WORKS
Pay a fixed deposit, depending on the price of the car you want. The rest is split into monthly payments over one to five years. At the end of your contract when you've made your final payment, the car's all yours.
WHAT IS PCH?
If you're not looking to buy the car at the end of your contract Personal Contract Hire (PCH) is a type of long-term rental that will suit you.
HOW IT WORKS
You lease the car for an agreed period of time by making fixed monthly payments. When the contract expires, you simply return your car or take out a new contract on a new vehicle.
COMMON CAR FINANCE ACRONYMS
APR: The Annual Percentage Rate is the real cost of borrowing money and includes interest and charges. The lower the APR, the cheaper the finance deal.
GAP: Guaranteed Asset Protection insurance covers any shortfall if the car is written off and the insurance doesn't cover the outstanding finance.
GMFV: The Guaranteed Minimum Future Value (also called a balloon payment) is what the car is worth at the end of the finance agreement.
PPI: Payment Protection Insurance has been sold and mis-sold alongside finance deals for years.
RV: Residual Value, or how much a car is worth after a defined period; often expressed as a percentage of its retail price when new.
WLC: The Whole Life Cost of running a vehicle for a defined period.
For the purpose of this promotion Gilder Group is not acting as a lender but as an independent credit broker working with a panel of lenders. A list of these lenders is available upon request. Gilder Group do not charge a fee for an introduction to a finance provider, however, we may or may not receive a commission.