Which Option is Right for You?
Whether you are in the market for a sporty new hatchback, stylish new saloon or a high quality used car, you can buy with the peace of mind knowing that you will be served by our trained team of finance experts who can advise you on the many options available.
There are a range of options available to help you finance your car. One option that may be right for you is BMW Select, our personal contract purchase product (also known as PCP). Under this plan your car purchase will be supported by one of our approved finance providers. Thereafter it will be your responsibility to make the agreed monthly payments for the duration of the agreement. A portion of your car's value will be deferred until the end of the agreement called the Guaranteed Future Value – which is the minimum value that we can guarantee your vehicle will be worth. At the end of your agreement period, you will be presented with three options: part-exchange the vehicle for a new car, pay the optional final payment and retain the car or return your car with no further payments (subject to terms and conditions).
Personal Contract Hire or PCH Personal Contract Hire or PCH works in a similar way to PCP, the main difference is that ownership of the vehicle would not be assumed at the end of the agreement period and instead the car would be handed back. However another vehicle could then be chosen under the same scheme (subject to credit checks).
Alternatively you may opt to buy your car through hire purchase (HP). After paying an initial deposit, you then pay the remainder of the value of the car in installments, normally over a period of between one and five years. In effect you are hiring the car until you make your final payment after which you will own it.
There is also the option of a Personal Loan, which is a common way for people to buy a car on finance. Personal loans can be taken from banks, building societies and finance companies and duration of the payment of the loan can vary depending on what you agree beforehand with the loan company. Loans from banks for cars can be paid off over a number of years, and will have a fixed rate of interest.