Finance at Morrison Motors Turiff

Vehicle Finance Options

Morrison Motors provide a wide range of finance facilities which are described below and fully integrated into our web site.

From the comfort of your own home, you can view all the available finance products for your next vehicle and generate your own personalised quotations by changing the deposit, term and annual mileage. In addition, you can complete an application through our secure on-line proposal form which will pass your information directly to our finance company.

You will then be guided through the process by them. In gaining pre-approval it allows you to make a considered choice on your next car purchase in a quick and convenient manner through a greater selection of finance products.

Impartial Advice

We are confident that our products are suited to a wide range of finance needs, but if you are not sure then the Finance & Leasing Association have produced an impartial guide to motor finance. Their simple guide to your finance options will explain how the different products work and their finance decider tool will help you choose which product is the most suited to your needs.

Hire Purchase or Personal Contract Purchase

We offer you the choice of a Hire Purchase or Personal Contract Purchase finance agreement. Both agreements can be created for car finance deals with no deposit. Which is best for you depends on your individual circumstances. We’ll explain the main differences below to shed clarity on the matter:

Hire Purchase (HP)

Hire Purchase agreements are a type of credit where once you have paid the total loan amount, you own the vehicle. During the loan term, the financer owns the vehicle. Once you repay them in full, ownership passes to you. Typically, Hire Purchase agreements have higher monthly payments because you are repaying the total car amount. With a Personal Contract Purchase, you repay only part of that amount.

Personal Contract Purchase (PCP)

Personal Contract Purchase agreements are a type of credit where you pay off instalments to cover part of the cost of a car. Once you have paid off the amount as set out in the agreement, you hand the car back to the owner, who is the financer. Alternatively, if you want to keep the car, you can refinance the remaining cost of it. This is called the balloon payment. It is based on the guaranteed future value (GFV) of the car.