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...
Mr G Simmonds
"We had very good service on the day and before. Simon was very helpful even when we changed our mind on the car and went for the one we got. On the day we picked it up the car was perfect and helped to get the tax done aswell. Thank you for your service."
Mr K Benbow
"No. All went very well, Nigel was very friendly and helpful. Will use MJA in the future."
Christopher Edney
"Great customer service . hassle free and very helpful staff were great from test drive and explained everything that I needed to know .love my new car"
Miss S Gane
"Not at all. I didn't feel pressured into buying and I felt very safe buying from MJA."
Miss E West
"5 Star. Received brilliant customer service from Simon, he's really lovely, funny, down to earth, professional and full of knowledge, we can't thank him enough!! We love the car and would definitely buy through MJA Again."
Ms L Miller
"I paid 24 hours in advance but because the bank took a couple of hours extra (even though the money had gone through) I couldn't pick my car up."
Sam and Wai Fozzard
"Great service from Stuart, answered all our questions and made long distance sale quick and easy...."
Mr P John
"No! Thanks Mike & David for your help with making the purchase so easy even dealing with small problems of marks on windscreen."
Miss R Thevenet
"5 Star. Very attentive, follow-up after sales was also excellent."
Mr D Leggett
"Matt told me a Hyundai i20 was available and would be very similar to my Kia. It was just within my price range. Slightly disappointed it does not have cruise control nor heated seats like my Kia and there is no sat nav. I find it a looser engine than my Kia and has more punch. All in all I rate MJA very highly indeed for buying a first class 2nd hand car."