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 Surrey
Over the last 40 years, our customers have travelled from all 4 corners of the county to buy our cars, including people living in towns throughout Surrey including, Addlestone, Ashford, Bagshot, Camberley, Chertsey, Chobham, Dorking, Egham, Esher, Farnham, Gatwick, Godalming, Haslemere, Leatherhead, Lingfield, Redhill, Reigate, Shepperton, Staines, Sunbury, Walton, Weybridge and Woking.
We asked our customers if we could improve our service...
"Everything was of a very high standard, thank you for an efficient and honest service."
"Very helpful and contact is good."
"Lovely friendly salesman (Patrick). Very helpful."
"Sales process was excellent. Please thank Tony at Guildford."
"Nigel went beyond the call of duty delivering the car to our home address in West Sussex on a Sunday morning when the finance company couldn't transfer the funds on the Saturday. Through no fault of his own, Nigel excelled - an asset to your business! Our little Fiat 500 was superbly prepared and faultless. A pleasure to do business with you. Thank you!"
"Thank you for your email - Yes, the whole process of selling our car was very straightforward and we got a better deal than we had been offered by our local Ford dealer. We are glad you like the car!"
"Now here's an email you wouldn't be expecting. We bought this Fiat Punto from you in September 2001 not expecting it to last many years and the thing is, it's still going strong. We had a special day on Sunday when it clocked 100,000 miles. How about that? Overall they do not receive good plaudits but this one has been quite fantastic. what makes it even more surprising is that in over 20 years it has never failed to start or left us by the roadside and it has only had 1 garage service (after 14 years I thought I'd treat it). I am not a mechanic but have just done the basic stuff and consumables. It had the second timing belt change 2 years ago. Other than a few minor issues that's it. And it all still works and runs sweetly even now. It is still fun to drive and I loved it more when in 2017 the Which magazine voted this model the 'worst car in any class'. Anyway, I still hope to get a few more years with it - we'll see. Over 20 years with the same owner... So, thank you again."
"Thank you for making the experience a pleasurable one. The Sales advisor did not pressure sell the car. He let the car sell itself."
"Nothing to change (no pushy salesmen). Tony was very good and helpful."
"We have had excellent service and will highly recommend to other people."