Finance at Regency Cars Newtownards
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.
WHO ARE WE?
Regency Cars Newtownards Ltd, a dealership acting as a credit broker in arranging finance for vehicle transactions. Our address is 43 Portaferry Road Newtownards Bt238nn . Registered in NI. Company registration no. NI0606178
ARE WE AUTHORISED TO ARRANGE FINANCE FOR YOU?
Yes, we are authorised and regulated for credit-broking activities by the Financial Conduct Authority (“FCA”). We are not a lender. Our FCA Firm Reference Number is 660161 . For more information, please visit the FCA website at: https://register.fca.org.uk/. Please note that business customers may not be protected under the Consumer Credit Act 1974 or FCA rules.
WHAT CAN WE DO TO HELP FINANCE YOUR VEHICLE?
We can introduce you (whether direct or through a specialist credit broker) to a number of finance companies (“funders”) who may be able to finance your transaction. There are other funders to which we cannot introduce you which may also be able to offer you finance. We will provide you with information and explanations about the finance products that may be available to you and, where we recommend a product to you, we will ensure that this is based on the information you give us about your needs and circumstances so that it is suitable for you. Finance is arranged subject to status and terms and conditions. We cannot guarantee that we will be able to secure finance for you.
CAN WE GIVE INDEPENDENT FINANCIAL ADVICE?
We are not independent financial advisers and so are unable to provide you with independent financial advice.
DO YOU HAVE TO PAY FOR OUR SERVICE OR DO WE RECEIVE ANY COMMISSION?
You don’t have to pay us for our service, but a funder or broker we work with will likely pay us for introducing you to them. Different funders/brokers may pay us different amounts but it will typically be based on a fixed percentage of the amount borrowed. This percentage may vary according to different factors, for example: the amount of credit; the age or type of vehicle; the type of finance product; or the funder’s assessment of the risk of lending. For your reassurance, we are not able to change the interest rate you pay in order to receive more commission from a particular broker or funder. Although rates and commissions may vary between our finance partners, our aim is always to secure finance from them which is appropriate to your circumstances. If we are successful in obtaining an offer of finance for you and you would like to know the amount (or likely amount) we would receive if you decided to go ahead with the agreement and how that amount has been calculated, please contact us using the details above.
HOW WILL WE USE YOUR INFORMATION?
We will use your information to obtain quotes from funders and brokers to process finance applications through them and we and/or they may also conduct a search of your record held with one or more credit reference agencies. Credit checks may as a result appear on your credit file lodged by organisations with whom you have not dealt directly. The personal information collected will also be shared with fraud prevention agencies who will use it to prevent fraud and money laundering and to verify your identity. If fraud is detected you could be refused certain services, finance or employment.
Further details of how your information will be used by us, funders and these fraud prevention agencies, and your data rights can be found on our website. A full data protection notice/privacy policy will be provided to you before we submit any application for finance on your behalf. We are registered as a data controller with the Information Commissioner’s Office .
WHAT CAN YOU DO IF YOU WISH TO COMPLAIN ABOUT OUR SERVICES OR CONTACT US?
If you wish to make a complaint, please contact us:
• by writing to us at Complaints, Regency Cars Newtownards LTD
• by emailing greg@regencycarsni.co.uk
• by telephoning 02891814581
If, after making a complaint to us you are still unhappy and feel the matter has not been resolved to your satisfaction, please contact the Financial Ombudsman Service (“FOS” - www.financial-ombudsman.org.uk.). Please note that FOS may not be able to deal with complaints from business customers.
Further details about our complaints procedure and FOS are available on request and can be found on our website. If you require further information, please contact us.