At Chapelhouse, we’re famous for our 5 years 0% finance offer, with no deposit needed and no interest payments on a choice of over 1000 quality used cars. We will even give you the value of your part-exchange back in cash up to £5000, plus free MOT tests for life!*
Hire Purchase (HP)
Hire Purchase – exactly what it sounds like, a hire agreement which gives you an option to own the car at the end of the agreement. The loan period is fixed typically between 12-60 months, and the finance agreement is secured against the car being bought. On a HP Agreement you are obliged to purchase the vehicle by paying an Option To Purchase Fee.
Benefits - Quick and easy to arrange in the showroom, flexible terms from 12 months to 60 month agreements. Fixed APR throughout the term and fixed monthly payments. Ability to overpay with no penalties. Low deposit terms at the beginning of the Agreement, Finance Agreements are regulated so customers have Rights and Protection under Law.
Conditional Sale (CS)
Conditional Sales- is a purchase agreement, similar to Hire Purchase. The key different between a Hire Purchase and a Conditional Sale is that once all the repayments have been made you commit to becoming the legal owner, there is no option to purchase fee.
Benefits - Quick and easy to arrange in the showroom, flexible terms from 12 months to 60 month agreement. Fixed APR throughout the term and fixed monthly payments. Balloon payments can also be used under Conditional Sale agreements.
Personal contract purchase (PCP)
Personal Contract Purchase –is a variation of the Hire Purchase agreement, the key difference is that the anticipated value of the car at the end of the contract is calculated at the start of the agreement and this figure is deferred to the end of the agreement. This deferred sum is usually referred to as the Guaranteed Minimum Future Value (GMFV). The PCP agreement also gives you the flexibility to decide whether you would like to own the car outright at the end of the agreement.
Benefits - Fixed regular payments for easy budgeting, regular payments are reduced because the GMFV is deferred to the end of the agreement. The GMFV protects you against any potential fall in used vehicle values. Flexibility, you choose the deposit, annual mileage and agreement term to suit your needs.
personal contract hire (PCH)
Personal Contract Hire –provides hassle free motoring, you benefit from a low initial outlay, regular rentals and no worries about disposing of your vehicle at the end of the contract.
Benefits - Low initial outlay for easy budgeting. No concerns over the future value of the vehicle. You will not own the vehicle at the end of the term.
business contract hire (BCH)
Business Contract Hire – the efficient way of funding the use of the vehicle without the cost of ownership, you benefit from initial outlay, regular rentals and no worry about disposal of your vehicle at the end of the contact.
Benefits - Rentals are lower as they are calculated on the VAT exclusive price of the vehicle. VAT registered businesses can reclaim a portion of the VAT paid on optional maintenance rentals. Rentals are allowable against tax. No concerns over the future value of the vehicle. You don’t have the worry of selling the vehicle at the end of the contract.
personal loan finance (PL)
Personal Loan Finance – ideal for people who want to own the car at the beginning of the finance agreement and do not have a deposit to put towards their purchase, or in some circumstances where your current part exchange has negative equity.
Benefits - Quick and easy to arrange, you become the owner of the car straight away and can do with it what you want. You can decide how long you would like to repay the loan, monthly payments are fixed for the duration of the loan agreement.
lease purchase (LP)
Lease Purchase – same as conventional Hire Purchase the key difference, there is a balloon payment deferred to the end of the agreement. This reduces the fixed regular payments; however the final balloon payment is not optional and the future value of your vehicle is not guaranteed.
Benefits - Fixed regular payments, flexibility, you choose the term to suit your needs, and your regular payments are reduced because the balloon payment is deferred to the end of the agreement. You own the vehicle at the end.
All of our used vehicles are HPI checked, meaning that they are cleared of any outstanding finance, the mileage stated is correct and the car has not been involved in a serious accident which resulted in the car being written off or stolen.