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What is car finance?

When looking for a new or used car, it’s likely that you’ve come across lots of car financing options that can leave you scratching your head and unsure which finance option is right for you - or even whether you should get your car on finance in the first place!

Car finance might not be for everyone, but it does help to spread the cost of a new or used car over monthly repayments, which you agree before signing anything. Suzuki offer a range of finance plans to suit individual preferences and circumstances, such as:

Each of these products works a little differently, but put simply, Suzuki Finance buys the car on your behalf and owns the car for the duration of the finance agreement. With PCP & HP you’ll then have the option to become the owner of the vehicle after all the repayments including any interest have been made.

Car finance and ownership

When you purchase a car on finance, Suzuki Finance will buy the car on your behalf and will own the car for the duration of the finance agreement. This means that if you’ve chosen a Personal Contract Purchase (PCP) or Hire Purchase, your vehicle will be owned by Suzuki Finance until the final repayment including any interest has been made - and after that, you will become the owner of the vehicle!

It’s worth noting that this differs for PCH where at the end of your agreement you must return the vehicle as there is no ownership option.

This means there are two options if you are looking for car ownership.

  • Hire Purchase: Own the vehicle once all the repayments, including interest and £10 purchase fee, have been paid.
  • Personal Contract Purchase: Own the vehicle outright by paying the option final repayment (this will include the £10 purchase fee).

There are two other options at the end of a PCP agreement – for more information on these please see our PCP guide. 

How car finance deposits work

When you make the decision to finance any product that has a high monetary value, whether that’s a car, or a piece of furniture for example, you might be asked to put a deposit down. This deposit secures the item to be sold to you and not another person - and it also helps to lower the total cost of what you pay per month on your finance agreement.

You’ll agree with your dealer an initial deposit, as well as your agreement term and monthly repayments. In some instances, Suzuki Finance can offer zero deposit options, which can be helpful if you have limited savings when you’re looking to purchase a new or used car.

Car finance and credit rating

If you choose to purchase a Suzuki vehicle on either HP or PCP, your dealer will run a quick few credit checks with you. We do this to make sure that you’d be able to reasonably afford to make repayments on your car.

Details of your credit agreement will be recorded with credit reference agencies:

  • HP agreements are recorded as unsecured lending products in line with industry practice.
  • PCP agreements are also recorded as unsecured lending products with the final repayment amount also being included in the total outstanding balance recorded with the credit reference agencies. Should you choose the option to return the vehicle at the end of your agreement, the outstanding balance will be adjusted to reflect that the optional final repayment is no longer due.

If you are struggling to make repayments on your car finance plan, it’s best to speak to our Suzuki Finance team as soon as possible - they’ll be able to help discuss your options. If you do fail to maintain contractual repayments, the vehicle is at risk of repossession.  

A Breakdown of our products

  Hire Purchase Personal Contract Purchase (PCP) Personal Contract Hire
Deposit Required Yes. Flexible. 0% may be available.  Yes. Flexible. 0% may be available.  Yes. 1 - 12 months initial rental.

Length of Agreement

From 1 -5 years From 2 - 4 years From 2 - 5 years
Fixed Payments Yes Yes Yes
Final lump sum repayment at agreement end N/A Yes N/A
Maximum permitted age of car at agreement end Typically 14 years Typically 7 years Typically 5 years
Ownership at agreement end  Yes Yes. If you pay the final lump sum payment. No ownership option available. You must arrange to return the vehicle.
Goods return option N/A Yes. Return conditions apply.  No ownership option available. You must arrange to return the vehicle.
Excess mileage charges  N/A Yes. If exercise goods return option and exceed mileage allowance.  Yes. If contracted mileage allowance exceeded.

Part exchange

NB. Subject to settling outstanding finance. New agreements subject to status.

Yes  Yes N/A

Voluntary termination rights

NB. Regulated agreements only

Yes   Yes   N/A
 

Fully comprehensive insurance required

Yes    Yes  Yes  
 

Ability to amend monthly payment due date

NB. Subject to loss of interest charge.

Yes. Once every 12 months.  Yes. Once over the lifetime of the agreement. Yes. Subject to conditions.

 

*Hire Purchase, PCP and Personal Contract Hire are subject to status and only available to UK residents aged 18 and over. Credit products are provided by Suzuki Finance, a trading style of Suzuki Financial Services Ltd, St William House, Tresillian Terrace, Cardiff CF10 5BH. Personal Contract Hire is provided by Lex Autolease Limited trading as Suzuki Contract Hire, Heathside Park, Heathside Park Road, Stockport SK3 0RB.

**Under our PCP product, you have the option at the end of the agreement to return the vehicle and not pay the deferred optional Final Payment. Providing the vehicle is in good condition and has not exceeded the maximum agreed mileage you will have nothing further to pay. If the vehicle has exceeded the maximum agreed mileage a charge for excess mileage will apply. Further information on what is considered good condition can be found at here.

Hire Purchase (HP)

Finance is available to UK residents aged 18 years or over, subject to status. Suzuki Finance is a trading style of Suzuki Financial Services Limited, part of Lloyds Banking Group, St William House, Tresillian Terrace, Cardiff, CF10 5BH.

Personal Contract Hire (PCH)

Personal Contract Hire is provided subject to status by Suzuki Personal Contract Hire, which is a trading style of Lex Autolease Limited. Registered office: 25 Gresham Street, London EC2V 7HN. Applicants must be over 18 and a UK resident. Ownership of the vehicle remains with Lex Autolease Limited and the vehicle must be handed back at the end of the term. Return and mileage conditions apply.

Personal Contract Purchase (PCP)

Credit is available to UK residents aged 18 years or over, subject to status. If finance is needed when making a part exchange, you will need to enter into a new agreement (subject to status). Under the goods return option, you will have to make additional payments if the car is not in good condition for its age and mileage, or if the car has exceeded its allowed mileage. Suzuki Finance is a trading style of Suzuki Financial Services Limited, part of Lloyds Banking Group, St William House, Tresillian Terrace, Cardiff, CF10 5BH.