• Finance

Chiswick Honda Finance

What is Personal Contract Purchase (PCP)?

Choose your desired vehicle, along with a deposit, the length of the agreement and a maximum mileage. At the end of the period you have the option to buy the car outright for an agreed amount, known as the GMFV (Guaranteed Minimum Future Value), or return the vehicle back to the lender (within agreed fair wear and tear limits) with absolutely no further obligation.

Benefits of PCP

  • Opportunity to drive a new Honda more often
  • Flexible deposit.
  • Flexible repayment terms.
  • Usually a lower repayment, compared to a HP agreement with the same term
  • Fixed rates
  • Protection against depreciation of used car prices, with the assurance of GMFV
  • The options to renew, return, or own the vehicle at the end of the agreement

At the end of the agreement you may choose from the three following options:

Option 1 - Renew your vehicle and drive away in a brand new Honda. Use any excess value over the GMFV as deposit on your new vehicle.

Option 2 - Return the car. Providing the vehicle does not exceed agreed fair wear and tear limits and has not exceeded the agreed mileage, you having nothing more to pay.

Option 3 - Retain your vehicle. Pay the GMFV and you own the vehicle.

What is Hire Purchase?

This is the traditional package which involves taking the total cost of your chosen vehicle, deducting a deposit amount, and then choosing the length of the agreement. Interest is added, and monthly instalments are calculated. Assuming all payments are met, at the end of the agreement, the vehicle is yours.

Benefits of HP

  • Flexible deposit
  • Regular and flexible repayment terms from 12 to 60 months
  • Fixed rates
  • You own the vehicle at the end of the agreement

What is Personal Contract Hire?

PCH from Chiswick Honda is a contract hire agreement that is suitable for renting selected Honda vehicles supplied by us. The vehicle will not belong to you at any point in the agreement so you cannot sell the vehicle. The agreement is mileage-based and it is important that your agreement reflects your predicted annual mileage.
With PCH from Chiswick Honda, you will pay an agreed number of advance rentals plus VAT followed by remaining rentals plus VAT for the contract term. The vehicle must then be returned to the finance house.

Why choose Personal Contract Hire?

  • Low initial payments usually 3, 6, 9 or 12 advance rentals including VAT
  • Fixed prices 2, 3 or 4 year rentals plus VAT. Rentals are fixed and do not change with interest rate movement (excluding VAT changes)
  • Road fund license included for full term
  • Breakdown Cover included for full term
  • Optional replacement vehicle available for 48 hours in the event of a breakdown attended by the AA at the roadside
  • No depreciation concerns
  • Optional maintenance packages available so all service, repair and maintenance costs are budgeted for
  • Mileage amendments usually can be made to the contract during the term
  • This top quality product keeps vehicles in pristine condition by providing cover against repairing costs.

  • As a Honda driver, you obviously appreciate the reliability, safety and overall driving satisfaction that are synonymous with the brand.

    To compliment your Honda experience, we would like to introduce you to the Norton Way Honda service plan. Service Plan offers an easy and convenient way for you to budget for all of your vehicle’s scheduled servicing for the next, two, three or four years – frozen at today’s prices and without the worry of a bill to pay for.

  • A Honda Extended Guarantee is a great way to protect your car when your manufacturer’s warranty expires, which can extend the life of your vehicle. You have a choice of when you can take out your Extended Guarantee, either: when the 3 year or 90,000 mile manufacturer’s warranty expires or, if you have bought a Honda Approved Used Car and your 12-month Guarantee has expired. A Honda Extended Guarantee can help maintain ongoing service history, with genuine Honda parts, which could help you to improve the resale value of your car in the future.

  • It’s incredibly simple. We think you’ll find the decision is, too. It covers the difference between the original purchase price and the amount your insurance company will give you if the car is written off as a result of an accident or theft.

    GAP is available on new and used Honda vehicles (up to 9 years old). You can be covered for up to 3 years and we can arrange cover in the showroom instantly. Once the claim has been processed, we will send you a cheque for the difference. It’s flexible and convenient. Deferred policies are also available on request.