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 Dorset
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 Dorset, such as, Abbotsbury, Blandford Forum, Bournemouth, Bridport, Canford Cliffs, Child Okeford, Christchurch, Dorchester, Ferndown, Gillingham, Lyme Regis, Okeford, Fitzpaine, Poole, Portland, Shaftesbury, Sherborne, Shillingstone, Sturminster Newton, Swanage, Tarrant Crawford, Verwood, Wareham, West Moors, Weymouth, Wimborne, Wool.
We asked our customers if we could improve our service...
"Having been extremely pleased with my previous car from MJA they were the obvious place to begin looking for the next one. The wide choice of vehicles were nicely displayed and presented and as they were mostly unlocked it was very easy to compare different makes and models. It was a pleasure talking to the friendly and knowledgeable staff without feeling any sense of pressure. Very pleased with my new car and the whole experience and happy to recommend."
"Not at all. I didn't feel pressured into buying and I felt very safe buying from MJA."
"I think you have everything just right."
"5 Star. We purchased a car that we encountered problems with. I contacted MJA and was dealt with by John Dunne. I received absolutely fantastic customer service. I was able to get another car deal and a new car. The red carpet was rolled out and the whole deal was dealt with very quickly with no fuss. John Dunne was brilliant and very helpful."
"All very good."
"Everything is great."
"Nothing - I was totally satisfied with the excellent service."
"Very good service, never experienced service like this before. Everything done to suit me, like when car was to be delivered and my car collected. Thank you John for all your help."
"Well I didn’t pick up my dream car but James helped me with my new van purchase , super friendly lovely showroom and staff . Couldn’t have been anymore easy . Thank you James"
"No - that's why I would recommend you - very approachable sales team, mo pushyness - a very friendly team. Thank you."