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 London
Over the last 40 years, our customers have travelled from all 4 corners of the country to buy our cars, including people living in boroughs throughout London, such as, Camden, Greenwich, Hackney, Hammersmith and Fulham, Islington, Royal Borough of Kensington and Chelsea, Lambeth, Lewisham, Southwark, Tower Hamlets, Wandsworth, Westminster, Barking and Dagenham, Barnet, Bexley, Brent, Bromley, Croydon, Ealing, Enfield, Haringey, Harrow, Havering, Hillingdon, Hounslow, Kingston upon Thames, Merton, Newham, Redbridge, Richmond upon Thames, Sutton, Waltham Forest.
We asked our customers if we could improve our service...
"It was excellent, Tony couldn't have been more helpful. We were very impressed."
"All very professional."
"4 Stars. A great experience but couldn't complete the deal on my side. I would use then again."
"Not at all I was very happy with the sales process . The salesman worked hard to get the finance for me."
"Sales persons friendly & helpful."
"We recently bought a new company van after having serious issue with our main dealer. MJA were friendly and professional and i will defiantly be going back for any other vehicle requirements. I would like to also make a special mention to James one of the sales executives in the Guildford branch for making the whole experience so easy and enjoyable. A passionate and knowledgeable individual and he has defiantly restored my faith in the motor industry."
"Not really. I found all members of staff to be very helpful, courteous and not at all pushy. Will recommend to friends."
"Not at all - Mike is one in a million. Thank you once again MJA for such a smooth transaction and a great car as always."
"Left confused about warranties and service records which are now online for Ford. Found it impossible to access the Help and clarity in this area would have been very helpful."
"5 star. Amazing customer service. Friendly and kind. I would highly recommend to family and friends."