MJA has been providing used car finance or over 40 years. We offer our customers a range of finance options at very competitive rates. Whatever your finance requirements, our friendly sales team will find the right deal for you.
Hire Purchase (HP)
If you choose to pay for your car with a Hire Purchase agreement, you will normally pay an initial deposit and will pay off the entire value of the car in monthly instalments. When all the payments are made, the Hire Purchase agreement ends and you own the car.
Pros
Things to bear in mind
Personal Contract Purchase (PCP)
Personal Contract Purchase (PCP) is similar to a Hire Purchase agreement as you will usually pay an initial deposit, followed by monthly instalments.
What's different with PCP, is that your monthly instalments are only paying off the depreciation of the car, rather than the entire value of the car.
How does PCP actually work?
At the start of your PCP contract, a Guaranteed Future Value (GFV) of the car is estimated. This is the car's expected value when your contract ends.
For you, this simply means that the money you're actually borrowing and repaying is the difference between what the car is worth now, and what it will be worth at the end of your contract (the depreciation). You'll pay this difference off in monthly instalments.
This means lower monthly payments for you, but you will need to pay a final payment at the end (the Guaranteed Future Value) if you want to buy the car.
Once your monthly payments are finished, you’ll have three options:
Pros
Things to bear in mind
Can I settle my PCP deal early?
You can normally settle your deal early, however many finance companies will require you to pay off the difference between what your car is worth now, and what you still owe (negative equity). For example, if your car is currently worth £12,000 but your finance settlement figure is £14,000, then you will need to pay the £2,000 to clear the negative equity. Keep an eye out for early repayment charges!
Which finance option is best for me?
It depends what you're looking for. If you're someone who likes to change their car every three years, and you're looking for low monthly payments then a PCP or PCH deal might suit you.
If you want to own your car at the end of your monthly payments without paying a final lump sum, then a Hire Purchase deal offers this.
Map of towns in Berkshire
Over the last 40 years, our customers have travelled from all 4 corners of the country to buy our cars, including people living in towns throughout Berkshire, such as, Ascot, Bracknell, Bray, Caversham, Cookham, Crowthorne, Dorney, Eton, Maidenhead, Newbury, Reading, Riseley, Sandhurst, Slough, Thatcham, Twyford, Windsor, Wokingham, Woodley.
Opening Times • Mon-Fri 9am-7pm • Sat 9am-6pm • Sun 10am-5pm
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We asked our customers if we could improve our service...
"Great experience with MJA, would thoroughly recommend."
"5 Star. Thank you Adam for looking after me throughout the whole process of buying my new Mini Countryman. I was very impressed with the service you provided."
"Helpful, friendly staff. Nothing was too much trouble. Lovely car."
"No. Perfect approach by sales staff."
"No and I cannot praise Tony Brown enough for his tremendous and personal help in me securing/buying my car, a Toyota Yaris T-Spirit. The best car I have ever owned! I am constantly recommending MJA & Tony Brown personally to all and sundry that I meet, who are looking to buy a used car!"
"None, Tony Brown was fantastic in guiding us through the whole process."
"5 Star. Adam was a fantastic salesman, so helpful, polite and not in the slightest bit pushy. I am extremely happy with the service provided, it was a pleasure dealing with MJA cars, I will definitely be recommending MJA to everyone."
"5 Star. Excellent customer service from Nigel when buying Fiat 500."
"None - very professional, friendly & no pressure to buy."
"5 Star. Very happy with the service provided even though I put a deposit on one car and then changed my mind and bought a different one from your Burpham branch. All the staff were very easy going and very helpful. Would recommend you."