Car Financing is on the up – with a larger proportion of customers borrowing to purchase their new or second hand car. This month, James from Tickenham Garage updates us on a new product available within the industry.
Last year, nearly 2.7 Million cars were registered in the UK, that high number is expected to remain the same for this year as well. Many customers are purchasing their vehicles on Hire Purchase or Personal Contract Plans to be able to repay the vehicle on a monthly basis, sometimes with a balloon payment at the end.
Tickenham Garage have launched a new finance product called ECP. Essentially, this innovative product allows customers to extend their payment agreement longer than what would be the case on a standard car loan, without having any mileage restrictions and no balloon payment at the end of the contract. You also own the car once you have completed the agreement.
Many car products come with mileage restrictions, this can mean customer could end up paying excess charges at the end of their term, if they have gone over the mileage that they specified at the point of purchase. ECP allows for us to spread your payments over a longer term and therefore reduce the amount you pay each month.
With ECP, customers can settle the whole of their agreement at any time, which means if you decide to sell the car, or wish to pay it off early, with this great product, you can!
All our ECP products are fee free, meaning that you do not have to pay administration charges or credit check fees to process an application. We believe in making the purchase of your next car easy – and as cost effective as possible.
If your looking for a new vehicle or would like to see how ECP could help reduce your monthly payments, we are on hand to help!
Cut your monthly repayments – Car Finance