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As GBI Cars is an FCA authorised broker, not a lender, we’ll always find the right deal to suit your budget and needs using our panel of lenders.
Once you have found the car you are interested in, complete the online application or just click here. If you would rather speak to us directly then our team will be happy to help either online, over the phone or in-store. Simply contact us to discuss your finance options.
Hire Purchase (HP)
HP is a finance plan that allows you to spread the cost of the car by making monthly payments over an agreed term.
You make higher monthly payments than a Personal Contract Purchase (PCP) agreement, so that when you come to the end of the agreement you’ll own the car.
Unlike PCP, there are no limits on mileage.
HP could be right for you if you want to buy the car at the end of the agreement.
Unique features of HP:
Personal Contract Purchase (PCP)
PCP is a finance plan where you make equal monthly payments over an agreed term, with a larger final repayment often referred to as a balloon payment or a GFV (guaranteed future value) which will be due at the end if you decide to keep the car.
At the end of the agreement, you have three options:
PCP could be right for you if you like to change your car regularly or if you’re unsure whether you want to buy the car at the end of the agreement.
Unique features of PCP:
If you choose to provide your own finance through the bank using a personal loan then its worth comparing dealer finance VS personal loan. Please see below.
Dealer finance
Personal loan
During your application, we'll need your personal details, employment details, address history, bank account details and a copy of your photo driving license.
You have the right to end your HP agreement at any time by settling your outstanding finance. You can do this by contacting the lender who will provide you with a settlement letter, which will state how much is left to pay on your finance agreement.
Yes of course, this can even be used as a deposit on your next vehicle.
You will need to request a settlement letter from your current finance lender, with this information GBI Cars can settle this outstanding payment.
Yes, this is referred to as negative equity. There are two options, you can either add a larger deposit to the deal to settle this negative equity or we can look to include this amount in your new finance.
Yes, this can of course be done directly with the lender. With MotoNovo, this can also be done via the App. Click below to find out more.
Yes, this can of course be done directly with the lender. Again with MotoNovo, this can also be done via the App. Click below to find out more.
When you apply for a HP agreement, a hard credit check is completed which can have an impact on your credit score. The lender reviews your credit report to help make a decision on your finance application. You can see your likelihood of being accepted before you apply by using our free finance eligibility checker.
No, you do not have to leave a deposit if you wish to finance the full balance, however putting a deposit down could help the chances of acceptance and lower your monthly payments.
60 months (5 years) is the longest with Hire Purchase and 48 months (4 years) with PCP.
