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Lookers Finance Offers: Driving You Towards Your Dream Car

Lookers, a prominent automotive retailer in the UK and Ireland, understands that purchasing a vehicle is a significant financial decision. To facilitate this, they offer a range of finance options designed to suit diverse budgets and circumstances. These options aim to make car ownership more accessible and manageable.

Hire Purchase (HP)

Hire Purchase is a traditional and straightforward finance method. With HP, you pay a deposit followed by fixed monthly installments over an agreed period. Crucially, you don’t own the car until the final payment is made. HP is a good choice if you want to own the vehicle outright at the end of the term. Lookers’ HP agreements typically feature fixed interest rates, providing predictable monthly costs. The deposit amount can often be adjusted to influence the monthly repayment figure.

Personal Contract Purchase (PCP)

Personal Contract Purchase is a popular choice offering lower monthly payments compared to HP. You pay a deposit (optional), followed by monthly installments. However, PCP differs from HP in that a significant portion of the vehicle’s value is deferred to the end of the agreement in the form of a Guaranteed Future Value (GFV). At the end of the agreement, you have three options:

• Return the vehicle: You can simply hand the car back to Lookers, subject to mileage and condition stipulations.
• Purchase the vehicle: You can pay the GFV and own the car outright.
• Part-exchange: You can use any equity in the car (if its market value is higher than the GFV) towards a deposit on a new vehicle.

PCP agreements are ideal if you like to drive newer cars and are comfortable with the possibility of not owning the vehicle at the end of the term. Lookers often provides attractive PCP deals, particularly on new vehicles.

Conditional Sale

Similar to HP, a Conditional Sale agreement involves paying a deposit followed by fixed monthly installments. Ownership remains with the finance company until all payments are completed. The key difference lies in the contract’s specifics regarding ownership transfer; it’s conditional upon meeting certain terms beyond simply completing the payments.

Lease Purchase

Lease Purchase is a finance option suitable for businesses or individuals looking to claim capital allowances. It involves paying fixed monthly installments, and at the end of the agreement, you have the option to purchase the vehicle. Lease Purchase agreements are often structured to minimise tax implications.

Benefits of Lookers Finance

• Competitive rates: Lookers strives to offer competitive interest rates across their finance products.
• Flexible terms: Agreement lengths can be tailored to your budget and preferences.
• Personalised service: Lookers’ finance specialists can guide you through the options and help you choose the most suitable plan.
• Convenience: Finance can be arranged directly at the dealership, streamlining the purchase process.
• Manufacturer offers: Lookers often has access to manufacturer-supported finance deals, providing even more attractive options.

It’s important to carefully review the terms and conditions of any finance agreement before committing. Consult with Lookers’ finance team to discuss your individual needs and explore the best available options.