Home Hire Purchase Personal Contract Lease Purchase Personal Contract Hire for Purchase (PCP) Contract Hire Business CustomersYYOOUURRNNEWEWCACRAR Find the right finance product for you with a range of options from Black Horse.Drive away in your new or used car with a finance We are a leadingarrangement that is right for you. You might not even provider of car financeneed a deposit, and our interest rates are fixed for theduration of the agreement so you can budget more easily. with over 50 yearsOur range of finance choices means you can find the experience, with a rangeright one to suit you. of hire purchase and Let’s take a closer look contract hire products at your options… Our Products Compare Products Product Summary Glossary of Terms
Home Hire Purchase Personal Contract Lease Purchase Personal Contract Hire for Purchase (PCP) Contract Hire Business CustomersCARYOURWHAT IS… NEW CAR How does it work?FINANCE? Car finance helps to spread the cost of a new or used car. Instead of paying the full amount upfront, you pay monthly with interest. Most motor dealerships offer a range of finance products to suit individual preferences and circumstances, such as Hire Purchase, Personal Contract Purchase, Personal Contract Hire, and Lease Purchase. Finance is subject to status and is only available to UK residents aged 18 and over. Finance provided by Black Horse, St William House, Tresillian Terrace, Cardiff, CF10 5BH Our Products Compare Products Product Summary Glossary of Terms
Home Hire Purchase Personal Contract Lease Purchase Personal Contract Hire for Purchase (PCP) Contract Hire Business CustomersYHOUWRDNOESWITCWARORK?The Products Your Options Repayment DurationEach of these products works a little The choice is yours: You would typically pay a deposit, anddifferently, but in general terms the finance make monthly repayments from 1-5 yearscompany will buy the car on your behalf and • Own the vehicle at the end of the to tailor the finance to meet your budget.then you will repay the amount borrowed agreement (except Contract Hire) The finance agreement is secured againstwith interest. the vehicle for the duration of the agreement • Or driving a new model for a set term, which means the car will be owned by the handing it back at the end.* This is an finance company (not the motor dealer) until option under Personal Contract Purchase the final repayment has been made, except (PCP*) and is the only option available in the case of Contract Hire products where under Contract Hire. there is no option to own the vehicle.*Under our PCP product, you have the option at the end of the agreement to Our Productsreturn the vehicle and not pay the final lump sum repayment. If the vehicle is ingood condition and has not exceeded the agreed maximum mileage you will havenothing further to pay. Further information on what is considered good conditioncan be found at blackhorse.co.uk/goodconditionguide. If the vehicle has exceededthe agreed maximum mileage a charge for excess mileage will apply. Our Products Compare Products Product Summary Glossary of Terms
Home Hire Purchase Personal Contract Lease Purchase Personal Contract Hire for Purchase (PCP) Contract Hire Business CustomersOUR PRODUCTSDeposit Required Hire Purchase Personal Contract Purchase (PCP) Lease Purchase Contract Hire/Personal Contract HireMaximum Age of the Car Flexible Deposit Options - 0% deposit Advance Rental of 1 – 21 monthsat the end of the Agreement may be available - subject to status Flexible Deposit Options - 0% deposit Flexible Deposit Options - 0% deposit 5 yearsLength of the Agreement may be available - subject to status may be available - subject to status 2 – 5 years 14 years*Ownership Options at the 7 years 7 years • Return the CarEnd of the Agreement 1 – 5 years 2 – 4 years 2 – 4 yearsFixed Payments You own the car, you can still part exchange ** • Part exchange** • Part exchange** • Pay the outstanding lump • Pay the outstanding lump sum to own the car sum to own the car • Return the car (under the goods return option)***No Mileage RestrictionsOptional Maintenance CoverFinal Lump Sum Repayment atthe End of the AgreementFully ComprehensiveInsurance Required* Some exceptions apply ** P art exchange is subject to settlement of your existing *** Y ou have the option at the end of the agreement to return the vehicle and not pay the final lump sum repayment. If the finance agreement, new finance agreements are subject vehicle is in good condition and has not exceeded the agreed maximum mileage you will have nothing further to pay. Further to status information on what is considered good condition can be found at blackhorse.co.uk/goodconditionguide. If the vehicle has exceeded the agreed maximum mileage a charge for excess mileage will apply. Our Products Compare Products Product Summary Glossary of Terms
Home Hire Purchase Personal Contract Lease Purchase Personal Contract Hire for Purchase (PCP) Contract Hire Business Customers THE CAR YOU WANT AND REPAYMENTS TO SUIT YOUR BUDGET – WITH BLACK HORSE…HIREPURCHASE Black Horse Hire Purchase could help you buy your dream car while spreading the cost. Agree an initial deposit with the dealer and your agreement term and monthly repayment amount then the dealer will submit the finance application to us and subject to your application being approved, you can just drive it away – and after you’ve made all the repayments including the interest the car’s all yours. How it works Our Products Compare Products Product Summary Glossary of Terms
Home Hire Purchase Personal Contract Lease Purchase Personal Contract Hire for Purchase (PCP) Contract Hire Business CustomersHIRE PURCHASE Borrow any amount from Cars up to 14 years* old – £1,000 for new or used cars repay over 1 – 5 yearsHOW ITWORKS Set your repayments Flexible Deposit Options – to suit your budget 0% deposit may be available subject to status What you will pay*Some exceptions apply Our Products Compare Products Product Summary Glossary of Terms
Home Hire Purchase Personal Contract Lease Purchase Personal Contract Hire for Purchase (PCP) Contract Hire Business CustomersHIRE PURCHASE FLEXIBLE DEPOSIT FIXED INTEREST RATE AFTER ALL OPTIONS – 0% THE REPAYMENTSWHAT DEPOSIT MAY BE PAY OVER THE CHOSEN PERIOD 1 – 5 YEARS HAVE BEEN MADE,WILL YOU AVAILABLE SUBJECT IN EQUAL MONTHLY REPAYMENTSPAY TO STATUS YOU OWN THE CAR What you need to know Our Products Compare Products Product Summary Glossary of Terms
Home Hire Purchase Personal Contract Lease Purchase Personal Contract Hire for Purchase (PCP) Contract Hire Business CustomersHIRE PURCHASE Ideal if: You have no protection against You want to own your car outright depreciation as a result of anWHAT YOU unexpected fall in the valueNEED TO at the end of your agreementKNOW of the vehicle You like to budget and know the exact repayment amount each month You do not own the vehicle until the final repayment The choice is yours has been made Choose any new or used car Your vehicle is at risk of up to ten years’ old repossession if you do not maintain Budget with confidence contractual repayments Fixed regular repayments, giving you peace of mind You must have fully comprehensive insurance Protection under the Consumer Credit Act Termination Rights and Protection under the Consumer Rights Act Our Products Compare Products Product Summary Glossary of Terms
Home Hire Purchase Personal Contract Lease Purchase Personal Contract Hire for Purchase (PCP) Contract Hire Business CustomersPCOERNSTORNAACLTPURCHASE (PCP)With Black Horse Personal Contract Purchase you can keep your monthly How it worksrepayments lower by deferring a significant proportion of the amount of creditto the final repayment at the end of the agreement. Agree an initial deposit,how many miles you are likely to travel each year and how long you want theagreement to run for and the dealer will then calculate the Guaranteed FutureValue (GFV) of your vehicle and confirm your monthly repayment. The dealerwill submit the finance application to us and subject to your application beingapproved; you can just drive your car away.The options at the end of the agreement are:(1) part exchange the vehicle subject to settlement of your existing finance agreement; new finance agreements are subject to status.2) return the vehicle and not pay the Final Lump Sum Repayment. If the vehicle is in good condition and has not exceeded the agreed maximum mileage you will have nothing further to pay. Further information on what is considered good condition can be found at blackhorse.co.uk/ goodconditionguide. If the vehicle has exceeded the agreed maximum mileage a charge for excess mileage will apply.(3) pay the Final Lump Sum Repayment to own the vehicle. Our Products Compare Products Product Summary Glossary of Terms
Home Hire Purchase Personal Contract Lease Purchase Personal Contract Hire for Purchase (PCP) Contract Hire Business CustomersPERSONAL CONTRACT PURCHASE Borrow any amount Set repayments to suit your budget from £1,000HOW IT Set your annual mileage upWORKS Available on New or Used Cars to 24,000 miles a year. Your (Used up to 7 years old at the annual mileage will affect your end of the agreement) monthly repayments and Guaranteed Future Value. Flexible Deposit Options – 0% deposit may be available 2 – 4 year terms subject to status Personal Contract Purchase is available to Limited Companies Guaranteed Future Value When the vehicle is on a non regulated basis returned to us under the For used vehicles the maximum Goods Return option permitted vehicle mileage at the start of the agreement is 3,000 miles per month of age What you will pay Our Products Compare Products Product Summary Glossary of Terms
Home Hire Purchase Personal Contract Lease Purchase Personal Contract Hire for Purchase (PCP) Contract Hire Business CustomersPERSONAL CONTRACT FLEXIBLE DEPOSIT FIXED INTEREST RATE AT THE END OF YOUR CHOSENPURCHASE OPTIONS – 0% PERIOD YOU HAVE 3 OPTIONS: DEPOSIT MAY BE PAY OVER THE CHOSEN PERIOD 2 – 4 YEARSWHAT AVAILABLE SUBJECT IN EQUAL MONTHLY REPAYMENTS (4 YEARS 1 Part Exchange it for a newer model**WILL YOU TO STATUS WHERE AVAILABLE) 2 Return the Car to Black Horse (under the goods return option)*PAY 3 Buy it outright by paying a final lump sum repayment *If the vehicle is in good condition and has not exceeded the agreed maximum mileage you will have nothing further to pay. Further information on what is considered good condition can be found at blackhorse. co.uk/goodconditionguide. If the vehicle has exceeded the agreed maximum mileage a charge for excess mileage will apply. **Subject to settlement of your existing finance agreement, new finance agreements are subject to status. What you need to know Our Products Compare Products Product Summary Glossary of Terms
Home Hire Purchase Personal Contract Lease Purchase Personal Contract Hire for Purchase (PCP) Contract Hire Business CustomersPERSONAL CONTRACT PURCHASE Flexibility You must have fully Set repayment periods from comprehensive insuranceWHAT YOU two to four years, then takeNEED TO the best option for you when A significant proportion of theKNOW credit is deferred until the end of you reach the end the agreement you should prepare for this if you want to own the car Ideal if: You like to drive the newest model Protection against depreciation as You like to keep your options open a result of an unexpected fall in the value of the vehicle when you You like to budget exercise the ‘Goods Return’ option (when you hand the vehicle back) Lower repayments means you might be able to afford a newer car Your vehicle is at risk of repossession if you do not maintain Newer model means lower maintenance costs contractual repayments Protection under the Consumer You do not own the vehicle Credit Act Termination Rights and until the final repayment including Protection under the Consumer interest has been made Rights Act Our Products Compare Products Product Summary Glossary of Terms
Home Hire Purchase Personal Contract Lease Purchase Personal Contract Hire for Purchase (PCP) Contract Hire Business CustomersPLEUARSCEHASELease Purchase is similar to a Personal Contract Purchase (PCP) How it works- you can keep your monthly repayments lower by deferring asignificant proportion of the amount of credit to the final repaymentat the end of the agreement but do not have the option to return thevehicle to Black Horse at the end of the agreement.Agree an initial deposit and how long you want the agreement torun for and the dealer will then calculate your final repayment andconfirm your regular monthly repayment. The dealer will submitthe finance application to us and subject to your application beingapproved, you can just drive your car away.The options are:(1) pay the Final Lump Sum Repayment to own the vehicle or(2) part exchange the vehicle subject to settlement of your existing finance agreement; new finance agreements are subject to status.Lease Purchase is often used by customers and limited companies whodon’t want to be bound by mileage restrictions. Lease purchase is onlyavailable to limited companies on a non regulated basis. Please see theglossary for an explanation of regulated and non regulated agreements. Our Products Compare Products Product Summary Glossary of Terms
Home Hire Purchase Personal Contract Lease Purchase Personal Contract Hire for Purchase (PCP) Contract Hire Business Customers LEASE PURCHASE Borrow any amount Choose your car or light from £1,000 commercial vehicleHOW ITWORKS Flexible Deposit Options – Available on new or used cars 0% deposit may be available (Up to 7 years old at the end of subject to status the agreement) Terms of 2 – 4 years Set repayments to suit your budget What you will pay Our Products Compare Products Product Summary Glossary of Terms
Home Hire Purchase Personal Contract Lease Purchase Personal Contract Hire for Purchase (PCP) Contract Hire Business CustomersLEASE PURCHASE FLEXIBLE DEPOSIT FIXED INTEREST RATE AT THE END OF YOUR CHOSEN OPTIONS – 0% PERIOD YOU HAVE 2 OPTIONS:WHAT DEPOSIT MAY BE PAY OVER THE CHOSEN PERIOD 2 TO 4 YEARSYOU WILL AVAILABLE SUBJECT IN EQUAL MONTHLY REPAYMENTS 1 Part Exchange* for a newer modelPAY TO STATUS 2 B uy it Outright by paying the final lump sum repayment *subject to settlement of your existing finance agreement, new finance agreements are subject to status. What you need to know Our Products Compare Products Product Summary Glossary of Terms
Home Hire Purchase Personal Contract Lease Purchase Personal Contract Hire for Purchase (PCP) Contract Hire Business CustomersLEASE PURCHASE Ideal if: A significant proportion of the You like to drive the newest credit is deferred until the endWHAT YOU of the contract so you shouldNEED TO modelKNOW You want to keep your monthly prepare for this repayments lower You must have fully You don’t want to be subject to comprehensive insurance excess mileage clauses Your vehicle is at risk of repossession if you do not No Mileage Restrictions maintain contractual repayments Lower repayments means you might You do not own the vehicle until be able to afford a newer car the final repayment including interest has been made Options at the end of the contract to pay the final lump sum Protection under the Consumer Credit Act Termination Rights and repayment and own the vehicle or part exchange, subject to Protection under the Consumer Rights Act settlement of the existing finance (new finance subject to status) Our Products Compare Products Product Summary Glossary of Terms
Home Hire Purchase Personal Contract Lease Purchase Personal Contract Hire for Purchase (PCP) Contract Hire Business CustomersPERSONALCONTRACTHIREPersonal Contract Hire is a fixed-cost, rental How it worksagreement. You choose a new vehicle, agree themaximum annual mileage and length of agreement,and then pay an initial rental followed by fixedmonthly rentals to suit your budget. You can evenchoose to cover vehicle maintenance costs as partof your agreement subject to paying a maintenancecharge which is added to your monthly rental. Our Products Compare Products Product Summary Glossary of Terms
Home Hire Purchase Personal Contract Lease Purchase Personal Contract Hire for Purchase (PCP) Contract Hire Business CustomersPERSONAL CONTRACT HIRE Choose from an advance rental You can change your contract of 1 – 12 months giving flexibility duration and mileage (exceptHOW IT to set your monthly rentals to suit during the first or last 6 monthsWORKS your budget of the contract) Contract term between 2 – 5 years Minimum Contract Annual Mileage All vehicles 5,000 per annum. Agreed Annual Mileage 1) If you drive less than the agreed You can drive less than 5,000 miles annual mileage this will not alter per annum, however this will not alter the monthly rentals the monthly rentals. 2) If you exceed the agreed annual Maximum Total Contract Mileage mileage, excess mileage charges 120,000 for petrol cars 150,000 for diesel cars will apply. 150,000 for petrol vans 180,000 for diesel vans At the end of the contract, you must return the vehicle and will have What you will pay nothing further to pay provided the vehicle is in good condition and has not exceeded the agreed mileage. If the vehicle does not meet the mileage and condition terms, excess charges may apply Our Products Compare Products Product Summary Glossary of Terms
Home Hire Purchase Personal Contract LCeaoPsneetrrPascuotnrcHahliarese LCeaoPsneetrrPascuotnrcHahliarese Contract Hire for Purchase (PCP) Business CustomersPERSONAL CONTRACT HIRE PAY AN ADVANCED REGULAR MONTHLY RENTALS AT THE END OF RENTAL OF 1 – 12 OVER A TERM OF 2 – 5 YEARS THE CONTRACTWHAT MONTHSYOU WILL RETURN THEPAY VEHICLE**At the end of the contract, you must return the vehicle and will have nothing further to What you needpay provided the vehicle is in good condition and has not exceeded the agreed mileage. to knowIf the vehicle does not meet the mileage and condition terms, excess charges may apply.The vehicle should be returned to us in a condition that meets the BVRLA ‘Fair wear andtear’ guidelines, otherwise charges may be incurred. Fair wear and tear guidelines canbe found on the BVRLA website at www.bvrla.co.uk Our Products Compare Products Product Summary Glossary of Terms
Home Hire Purchase Personal Contract Lease Purchase Personal Contract Hire for Purchase (PCP) Contract Hire Business CustomersPERSONAL CONTRACT HIRE Hassle free motoring The higher advance rental you Road tax is included and no disposal pay the lower your normal monthlyWHAT YOUNEED TO worries just return the car at the rental will beKNOW end, subject to vehicle condition and mileage. Excess charges will apply You must have fully if the vehicle is returned outside of comprehensive insurance the condition and mileage terms You cannot buy the vehicle at the end of the contract Fixed monthly rentals to suit your budget You must maintain the vehicle in accordance with the contract Choice of mileage, advance even if you have not chosen the rental and length of agreement optional maintenance package at start of contract Failure to maintain contractual rentals may result in legal action Optional maintenance package. Subject to a maintenance charge Protection under the Consumer Credit Act Termination You can terminate the contract and Satisfactory Quality Rights early by paying 50% of the remaining rental cost Our Products Compare Products Product Summary Glossary of Terms
Home Hire Purchase Personal Contract Lease Purchase Personal Contract Hire for Purchase (PCP) Contract Hire Business CustomersCONTRACTHIREFOR BUSINESS CUSTOMERSContract Hire is a fixed-cost, rental agreement.You choose a new vehicle, agree the maximumannual mileage and length of agreement, and thenpay an initial rental followed by fixed monthlyrentals to suit your budget. You can even chooseto cover vehicle maintenance costs as part of youragreement subject to paying a maintenance chargewhich is added to your monthly rental. How it works Our Products Compare Products Product Summary Glossary of Terms
Home Hire Purchase Personal Contract Lease Purchase Personal Contract Hire for Purchase (PCP) Contract Hire Business CustomersCONTRACT HIRE FOR Choose from an advance rental You can change your contractBUSINESS CUSTOMERS of 1 – 12 months giving flexibility duration and mileage (except during the to set your monthly rentals to suitHOW IT first or last 6 months of the contract)WORKS your budget Minimum Contract Annual Mileage Contract term between 2 – 5 years All vehicles 5,000 per annum. Agreed Annual Mileage You can drive less than 5,000 miles 1) If you drive less than the agreed per annum, however this will not annual mileage this will not alter the alter the monthly rentals monthly rentals. Maximum Total Contract Mileage 2) If you exceed the agreed annual 120,000 for petrol cars mileage, excess mileage charges 150,000 for diesel cars 150,000 for petrol vans will apply. 180,000 for diesel vans At the end of the contract, you must VAT-registered businesses can return the vehicle and will have re-claim some of the VAT element on rental and maintenance charges nothing further to pay provided the vehicle is in good condition and has What will you pay? not exceeded the agreed mileage. If the vehicle does not meet the mileage and condition terms, excess charges may apply Our Products Compare Products Product Summary Glossary of Terms
Home Hire Purchase Personal Contract Lease Purchase Personal Contract Hire for Purchase (PCP) Contract Hire Business CustomersCONTRACT HIRE FOR PAY AN ADVANCED REGULAR MONTHLY RENTALS AT THE END OFBUSINESS CUSTOMERS RENTAL OF 1 – 12 OVER A TERM OF 2 – 5 YEARS THE CONTRACT MONTHSWHAT RETURN THEYOU WILL VEHICLE*PAY*At the end of the contract, you must return the vehicle and will have nothing further to What you needpay provided the vehicle is in good condition and has not exceeded the agreed mileage. to knowIf the vehicle does not meet the mileage and condition terms, excess charges may apply.The vehicle should be returned to us in a condition that meets the BVRLA ‘Fair wear andtear’ guidelines, otherwise charges may be incurred. Fair wear and tear guidelines can befound on the BVRLA website at www.bvrla.co.uk Our Products Compare Products Product Summary Glossary of Terms
Home Hire Purchase Personal Contract Lease Purchase Personal Contract Hire for Purchase (PCP) Contract Hire Business CustomersCONTRACT HIRE FOR Hassle free motoring Failure to maintain contractualBUSINESS CUSTOMERS Road tax is included and no rentals may result in legal action disposal worries just return theWHAT YOU car at the end, subject to vehicle You must have fullyNEED TO condition and mileage. Excess comprehensive insuranceKNOW charges will apply if the vehicle is returned outside of the condition You must maintain the vehicle in accordance with the contract and mileage terms even if you have not chosen the optional maintenance package Fixed monthly rentals to suit your budget Choice of mileage, advance The higher the advance rental you rental and length of agreement pay the lower your normal monthly at start of contract rental will be Optional maintenance package. You cannot buy the vehicle at Subject to a maintenance charge the end of the contract You can terminate the contract VAT registered businesses early by paying 50% of the can re-claim some of the VAT remaining rental cost element on rentals and maintenance charges Our Products Compare Products Product Summary Glossary of Terms
Home Hire Purchase Personal Contract Lease Purchase Personal Contract Hire for Purchase (PCP) Contract Hire Business CustomersHIRE PURCHASE PERSONAL CONTRACT PURCHASE (PCP) PERSONAL CONTRACT HIREFLEXIBLE DEPOSIT FIXED INTEREST RATE PAY AFTER ALL THE FLEXIBLE DEPOSIT FIXED INTEREST RATE PAY AT THE END OF YOUR PAY AN ADVANCED REGULAR MONTHLY AT THE END OF THE CONTRACTOPTIONS – 0% OVER THE CHOSEN PERIOD REPAYMENTS HAVE CHOSEN PERIOD YOU RENTAL OF 1 – 12 RENTALS OVER A RETURN THE VEHICLE†DEPOSIT MAY 1 – 5 YEARS IN EQUAL BEEN MADE, YOU OPTIONS – 0% OVER THE CHOSEN PERIOD HAVE 3 OPTIONS: MONTHS TERM OF 2 – 5 YEARSBE AVAILABLE MONTHLY REPAYMENTS OWN THE CAR DEPOSIT MAY 2 – 4 YEARS IN EQUAL PART EXCHANGE IT FORSUBJECT BE AVAILABLE MONTHLY REPAYMENTS (4 A NEWER MODEL**TO STATUS SUBJECT YEARS WHERE AVAILABLE) RETURN THE CAR †A t the end of the contract, you must return the vehicle and will have nothing further to pay provided the vehicle is TO STATUS TO BLACK HORSE in good condition and has not exceeded the agreed mileage. If the vehicle does not meet themileage and condition (UNDER THE GOODS terms, excess charges may apply. The vehicle should be returned to us in a condition that meets the BVRLA ‘Fair RETURN OPTION)* wear and tear’ guidelines, otherwise charges may be incurred. Fair wear and tear guidelines can be found on the BUY IT OUTRIGHT BVRLA website at www.bvrla.co.uk BY PAYING A FINALLEASE PURCHASE *If the vehicle is in good condition and has not exceeded LUMP SUM REPAYMENT CONTRACT HIRE FOR BUSINESS CUSTOMERS the allowed mileage you will have nothing further to pay. If the vehicle has exceeded the allowed mileage a charge for excess mileage will apply. **Subject to settlement of your existing finance agreement, new finance agreements are subject to status.FLEXIBLE FIXED INTEREST RATE AT THE END OF YOUR PAY AN ADVANCED REGULAR MONTHLY AT THE END OF THE CONTRACTDEPOSIT PAY OVER THE CHOSEN CHOSEN PERIOD YOU RENTAL OF 1 – 12 RENTALS OVER A RETURN THE VEHICLE†OPTIONS – 0% PERIOD 2 TO 4 YEARS HAVE 2 OPTIONS: MONTHS TERM OF 2 – 5 YEARSDEPOSIT MAY IN EQUAL MONTHLY PART EXCHANGE* FORBE AVAILABLE REPAYMENTS A NEWER MODEL †A t the end of the contract, you must return the vehicle and will have nothing further to pay provided the vehicle isSUBJECT TO BUY IT OUTRIGHT in good condition and has not exceeded the agreed mileage. If the vehicle does not meet themileage and conditionSTATUS BY PAYING THE FINAL terms, excess charges may apply. The vehicle should be returned to us in a condition that meets the BVRLA ‘Fair LUMP SUM REPAYMENT wear and tear’ guidelines, otherwise charges may be incurred. Fair wear and tear guidelines can be found on the BVRLA website at www.bvrla.co.uk*subject to settlement of your existing finance agreement, new finance agreements are subject to status. Our Products Compare Products Product Summary Glossary of Terms
Home Hire Purchase Personal Contract Lease Purchase Personal Contract Hire for Purchase (PCP) Contract Hire Business CustomersCOMMON FEATURES OF OUR HIRE PURCHASE, PERSONAL CONTRACT PURCHASE (PCP) AND LEASE PURCHASE PRODUCTS:AT THE START OF THE AGREEMENT• You can borrow from £1,000.• Flexible deposit options - 0% deposit may be available subject to status.DURING THE AGREEMENT• You can change your repayment date during the first 30 days of your agreement free of charge. A loss of interest charge is payable after the first 30 days.• You will have fixed monthly repayments with a fixed interest rate for the term of your agreement.• Y ou can make additional lump sum repayments to reduce your balance or settle your agreement at any time. We will provide you with a settlement quotation on request.• You can part exchange your vehicle at any time subject to settling the outstanding finance. New finance agreements are subject to status.• Y ou must ensure that you have fully comprehensive insurance cover in place for the vehicle. If the vehicle is written off or stolen and the amount that the insurance company pays us is not enough to settle your agreement, you will be liable for the shortfall.• If the goods are not of satisfactory quality, you will have rights against Black Horse.• You have the option to terminate your agreement and return the vehicle to us subject to paying half the total amount payable under the agreement.• Your vehicle is at risk of repossession if you do not maintain your repayments.AT THE END OF THE AGREEMENT• Black Horse will retain ownership of the vehicle until all the repayments including the final repayment have been made. Our Products Compare Products Product Summary Glossary of Terms
Home Hire Purchase Personal Contract Lease Purchase Personal Contract Hire for Purchase (PCP) Contract Hire Business CustomersDIFFERENCE BETWEEN OUR HIRE PURCHASE, PERSONAL CONTRACT PURCHASE (PCP) AND LEASE PURCHASE PRODUCTS: Key Customer Information Hire Purchase Personal Contract Purchase (PCP) Lease PurchaseHow long can I take the finance over? From 1 – 5 years From 2 – 4 YearsMaximum Age of the Car From 2 – 4 yearsat the end of the Agreement 14 years* 6 yearsAre there any mileage restrictions? No 7 years No Yes You agree your mileage at the outset and if you exceed this and wish to return the vehicle at the end of the agreement, additional charges will apply. What happens at the end of the agreement? You will own the vehicle. You can pay the final lump sum repayment and own You pay the final lump sum repayment and own the No the vehicle. vehicle. Do I have any protection against depreciation as No a result of an unexpected fall in the vehicle’s value? OR No Do I have to pay a lump sum at the end of the agreement? You can exercise the goods return option and return Yes* Some exceptions apply the vehicle to Black Horse. NB If the vehicle has A substantial proportion of the credit is deferred to exceeded the allowed mileage a charge for excess mileage will apply. the end of the agreement. Prepare for this. Yes You can return the vehicle at the end of the contract instead of paying the final lump sum repayment regardless of the vehicle’s value. If you have not kept the vehicle in good condition or exceeded the agreed mileage, excess charges will apply. Yes A substantial proportion of the amount payable is deferred to the end of the agreement. If you wish to own the vehicle, prepare for this. Our Products Compare Products Product Summary Glossary of Terms
Home Hire Purchase Personal Contract Lease Purchase Personal Contract Hire for Purchase (PCP) Contract Hire Business CustomersCOMPARE CONTRACT HIRE PRODUCTS Key Customer Information Personal Contract Hire Contract Hire (Business Users) No Yes, VAT can be reclaimed on rentalsAre there any tax benefits? NoDo I have an option to own the vehicle? Yes NoCan I purchase an optional maintenance package? Yes YesDo I have to maintain the vehicle in line with Yesmanufacturer guidelines even if I do not take out Yes. 1-12 months advance rentals available.the optional maintenance package? More advanced rentals means lower normal monthly rentals Yes. 1-12 months advance rentals available.Is the amount of advance rentals flexible so I get a More advanced rentals means lower normal monthly rentalsnormal monthly rental to suit my budget? NoAre the advance rentals refundable? Yes (outside the first or last 6 months of the contract) NoIs the agreement flexible in terms of changing term and Yes (outside the first or last 6 months of the contract)mileage allowance? YesWill I be subject to an excess mileage charge at the end Yesof contract if my mileage exceeds the allowance in the Yescontract? YesCould I get charged for repairs if the vehicle is returned Yes, subject to repayment of 50% of the remaining rentalswith more than normal wear and tear? Yes, subject to repayment of 50% of the remaining rentalsCan I terminate the agreement early, returning Yesthe vehicle? YesDo I need Fully Comprehensive insurance? Our Products Compare Products Product Summary Glossary of Terms
Home Hire Purchase Personal Contract Lease Purchase Personal Contract Hire for Purchase (PCP) Contract Hire Business CustomersGLOSSARY &USEFUL INFORMATIONAgreement Term Deposit Hire Purchase (HP) Part Exchange If your agreement is regulated under the Consumer CreditThe length of time over which you agree to repay the A deposit is often required to secure and finance your Black Horse buys the vehicle on your behalf less any Part-exchange involves trading in your existing car and Act, Black Horse will provide you with the information before,finance – also referred to as the Length of Agreement. vehicle. The larger the deposit the less you will need to deposit that you have paid to the dealer. The amount using its value as part repayment for your new car, during, and after the agreement is taken out and Black Horse borrow and this could mean lower monthly repayments. paid by Black Horse plus interest is then paid by you over perhaps to help fund a deposit under a finance agreement. give you a written copy of the agreement setting out:Annual Percentage Rate (APR) A deposit could be cash or part exchange or a agreed period of one to five years.The APR shows the annual cost of a finance agreement combination of both. If you are part exchanging your Personal Contract Purchase (PCP) • What type of credit agreement it is, for example hireover and above the amount you have borrowed. The vehicle and you still have outstanding finance then your Lease Purchase PCP is essentially, the same as a standard Hire Purchase purchaseAPR will include interest rate charges and any other deposit will be the part exchange value of your car less Lease Purchase is essentially, the same as a standard Hire agreement, but with a significant proportion of the amountfees included in the agreement, such as administrative the outstanding settlement figure. Your dealer should be Purchase agreement, but with a large lump sum, which is of credit deferred until the end of the agreement. Unlike • T he true cost of the credit, called the Annual Percentagefees. By law, the APR must be shown on relevant able to take care of these arrangements for you. deferred until the end of the agreement. Unlike PCP, there’s Lease Purchase, the value of the vehicle at the end of Rate (APR). The APR includes both the rate of interestdocumentation presented to customers in showrooms. no Guaranteed Future Value (GFV) and you do not have the the contract is guaranteed to at least equal that of the and any other fees that may be applicableYou can use the APR to compare the cost of different Depreciation option to return the vehicle to Black Horse at the end of the deferred final repayment if the customer exercises thefinance products. A vehicle is an asset, but inevitably with age and wear agreement other than any voluntary termination rights that Goods Return Option. Under PCP, the customer has the • T he amount of each repayment, when it is due and tear it will reduce in value, this is depreciation. you may have under the agreement. You agree the final following options at the end of the agreement to be paid, and how it is made up (loan, interest,Balloon Repayment/Final Lump Sum repayment at the start of the agreement, so you can budget administration charge)A balloon repayment is the lump sum deferred to the end Early Settlement more easily. At the end of the agreement you have two (1) return the vehicle and not pay the Final Repayment.of a finance agreement on Personal Contract Purchase This is when you pay off a finance agreement before the options: - Make the final repayment and obtain ownership If the vehicle is in good condition and has not exceeded • Your cancellation rights and whether you can pay off theand Lease Purchase agreements. Making this repayment agreed term is completed. By doing so you may save of the vehicle or part exchange for a new vehicle (if the part the agreed maximum mileage you will have nothing loan earlycompletes the finance agreement and allows you to take on the interest that would have been charged for the exchange does not cover the final repayment you would further to pay. If the vehicle has exceeded the agreedownership of the car. remainder of the agreement. need to pay the shortfall to settle the finance agreement). maximum mileage a charge for excess mileage will apply. • Any repossession rights Black Horse may have in the New finance agreements are subject to status. event of non repayment.Contract Hire Guaranteed Future Value (2) pay the Final Repayment to own the vehicle or‘Rental’ agreements where you cannot become the legal A Guaranteed Future Value is equivalent to the deferred Maintenance Contracts Satisfactory Qualityowner of the vehicle as you are merely renting it from final lump sum repayment and is set based on the An optional, chargeable product offered by finance (3) part exchange the vehicle subject to settlement of your By law, goods sold must be of satisfactory quality andBlack Horse. Black Horse as the owner is listed as the estimated value of the car at the end of the agreement. companies and dealerships to spread the cost of motoring. existing finance agreement; new finance agreements are fit for the purpose for which they were intended. WhereRegistered Keeper on the DVLA V5 form. A flexible option This value assumes that when returned the car is within Maintenance contracts usually include vehicle servicing subject to status. there is a credit agreement in place the finance companyallowing you to drive a newer model and optional vehicle the set agreed mileage and in good condition. The GFV and repairs as well as replacement of wear and tear items has a responsibility for the quality of the goods and tomaintenance packages can be included. is deferred to the end of the agreement and, along with such as tyres. Regulated Agreements resolve any disputes where the goods are not of the any purchase fee applicable, is the Final Repayment. The Most types of credit and hire agreements are covered by required standard.Credit Agreement risk of depreciation above the level of the GFV is taken by Non Regulated Agreement the Consumer Credit Act which gives you some importantA credit agreement is a legally-binding contract between Black Horse so the customer can hand the vehicle back A credit agreement not regulated by the Consumer Credit rights such as your right to cancel the agreement within Voluntary Terminationyou (the customer) and the finance company. It must with nothing further to pay at the end of the agreement. * Act. Therefore not bound by the same legal requirements a given time, and protection against both the lender and You have a right to end the agreement by giving usinclude details of the loan amount, the term, rates of as a regulated agreement nor offering the same type or the seller for faulty goods. An agreement covered by the written notice. If you do so you must immediately returninterest, other charges and your rights and responsibilities *If the vehicle is in good condition and has not exceeded level of protection. Act is called a regulated agreement. An agreement will be the goods to us which includes making the repaymentsfor the duration of the agreement. You will receive a copy the allowed mileage you will have nothing further to pay. regulated if: detailed in the ‘Termination: Your Rights’ section on yourof the agreement you have entered into. If the vehicle has exceeded the allowed mileage a charge Option to Purchase Fee credit agreement. for excess mileage will apply. A voluntary repayment at the end of some finance • the borrower is an individual borrowing for mainly agreements (such as hire purchase) which, if paid, personal use rather than business use transfers ownership of the car from the finance company to the customer. • it is not an exempt agreement – exempt agreements include things like gas and electricity agreements and loans from employers, these agreements are not regulated by the CCA. Our Products Compare Products Product Summary Glossary of Terms Version 30 November 2016
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