New Car Finance
The following finance options are offered by Hendy Kia when purchasing a new Kia vehicle:
Kia Access - Personal Contract Purchase (PCP)
Kia Access Personal Contract Purchase (PCP) at Hendy Kia is a flexible and popular plan that provides you with the option to change your car on a regular basis.
How does it work?
- At the start of the agreement Kia Finance will set an optional final payment for your car, this will be based upon your chosen agreement term and approximate annual mileage
- You pay a deposit and then make monthly repayments based on the outstanding loan balance less the optional final payment
At the end of the monthly repayment period you'll have three options:
- Retain - pay the optional final payment and take ownership of the car
- Return - hand back the car with nothing more to pay (subject to mileage* and fair wear and tear)
- Renew - part exchange the car and use any equity as a deposit on your next car (if any is available, which cannot be guaranteed)
*If electing to hand the vehicle back at the end of the contract, any mileage in excess of the agreed limit will be charged at 9p per mile for all models.
What else do I need to know?
- Typical repayment periods are over 25 or 37 months
- The optional final payment is based on your repayment period and mileage - this can be set from 6,000 to 30,000 miles per annum
- The car can be up to 47 months old and 50,000 miles at the start of the agreement and must not exceed 84 months/ 100,000 miles at the end of the agreement
- A maximum of 50% deposit is allowed and the minimum loan amount is £3,000
- You will not own the vehicle until all monthly repayments are made, including the optional final payment
Conditional Sale is a simple and traditional way to finance your car over a fixed period for a fixed monthly amount.
How Does It Work?
- You pay a deposit then make regular monthly repayments to repay the balance, it's that simple
- As your interest rate is fixed you'll know exactly how much you'll repay at the outset of the agreement
- Only once all monthly repayments have been made will you own the car
What else do I need to know?
- The minimum loan amount is £3,000
- Repayment periods can vary from 12-60 months, with a minimum deposit requirement of 0% (criteria may vary dependant on campaign programmes)
- The car must not be more than 12 years old at the end of the agreement period
Personal Contract Hire
Personal Contract Hire, often referred to as PCH, is a long-term rental agreement designed purely for individuals. PCH is perfect for those who want to get behind the wheel of the latest Kia model at an affordable price without the commitment of ownership; you pay regular monthly payments for the duration of the agreement and hand the car back at the end. The duration of the agreement and the mileage can be flexible - please ask your local Hendy Kia for more details.
What are the benefits?
PCH is exactly the same as contract hire for business users but it is aimed purely at private individual customers. PCH therefore offers you all the same benefits of contract hire:
- A way to access a new and often upmarket vehicle at less cost than buying
- Fixed monthly payment rates
- Eliminates worry over vehicle resale values
- Vehicle Excise Duty is included
- Option to include servicing, repairs or maintenance in agreement
- Simple and easy to manage
- Can just hand back car at end of agreement and sign up for a new car if you choose.
Above all, PCH is stress-free: there is no liability for the drop in value of the vehicle, you can include maintenance within the agreement and, at the end of the lease, you simply hand the vehicle back.
Many customers find that regular fixed monthly rentals help with personal budgeting. You can also choose to include servicing, maintenance and tyres in the agreement - this removes the hassle of dealing with servicing while also allowing you to pay for the costs on a fixed monthly basis.
How does it work?
PCH enables you to take control of a car for a fixed term - typically between two and four years - and mileage in return for paying a fixed monthly rental payment. You will also need to make an initial deposit payment.
The monthly rental payment is calculated based on the estimated residual value of the vehicle, as well as incorporating an interest margin and a management fee used to provide support to you over the life of the agreement. Vehicle Excise Duty is also included. As the vehicle is owned by Hendy Kia, you will never own it yourself and there is no option to acquire it for a lump payment.
In return, you benefit from no disposal or resale risk and can just hand the vehicle back at the end of the agreement. Providing the vehicle is returned in a condition appropriate for its age and within the contracted mileage, no further costs are payable and we are responsible for its resale. This means at the end of the contract you can simply walk away and take out a new lease if you choose.
Hendy Group are a credit broker not a lender. We can introduce you to lenders and their products which may have different interest rates and charges. We are not an independent financial advisor and you are not obliged to take our advice. We do not charge you a fee for our services. We typically receive commission from the lender (either a fixed fee or a percentage of the amount you borrow) but this does not affect the amount you pay. Authorised and regulated by the Financial Conduct Authority. Reference Number 311625.