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Important Information - Please Read Carefully

Car finance agreements, including Hire Purchase (HP), Personal Contract Purchase (PCP), and leasing options, involve financial commitments that should be carefully considered before proceeding. By entering into a finance agreement, you accept the following risks:

1. Affordability & Financial Risks

  • Ensure you can afford the monthly repayments over the full term of the agreement. Failure to make payments may result in penalties, additional interest charges, or repossession of the vehicle.
  • Changes in personal circumstances, such as job loss or unexpected expenses, may affect your ability to meet repayments.
  • Defaulting on payments can negatively impact your credit score and future borrowing ability.

2. Ownership & Repossession Risks

  • With HP and PCP agreements, you do not own the car until all payments have been made in full.
  • If you miss payments, the finance provider may repossess the vehicle in line with the terms of your agreement.
  • Early termination of an agreement may incur additional costs or settlement fees.

3. Interest Rates & Hidden Costs

  • The total cost of finance is typically higher than the cash price of the vehicle due to interest and other charges.
  • Interest rates are determined based on creditworthiness and may be higher for individuals with poor credit histories.
  • Additional fees, such as early repayment charges, balloon payments (PCP), or administration fees, may apply.

4. Depreciation & Final Payments

  • Vehicles depreciate in value over time, which may result in negative equity (owing more than the car's worth) if you seek to exit the agreement early.
  • If you choose to keep the vehicle under a PCP agreement, a final balloon payment is required.

5. Mileage & Condition Restrictions

  • PCP and leasing agreements often include mileage limits. Exceeding these limits may result in additional charges.
  • The vehicle must be returned in good condition; excessive wear and tear may lead to additional repair costs.

6. Early Termination & Voluntary Termination

  • Ending a finance agreement early may result in substantial settlement costs.
  • Under the Consumer Credit Act, you may have the right to Voluntary Termination (VT) after paying at least 50% of the total amount payable, but additional conditions may apply.

7. Credit Impact & Financial Responsibility

  • Applying for finance involves a credit check, which may affect your credit score.
  • Multiple applications within a short period can lower your credit rating.

We strongly advise that you carefully review the terms and conditions of any finance agreement before committing. If you are unsure, seek independent financial advice.

Finance4Cars.co.uk is a credit broker, not a lender. All finance is subject to status and affordability checks. Terms and conditions apply.

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