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BrochuresSUZUKI FINANCE
Our car finance plans help to spread the cost of a new or used car, so instead of paying the full amount up-front, you can pay for the car over a number of months to suit your budget.
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.
CAR FINANCE AND OWNERSHIP
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.
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 DO 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
Why not have a browse and look at our representative finance offers for new cars.
Have a look at our finance calculator and see which options suit you best.
If a new car is not an option, why don't you have a look at our used cars available.
A NOTE ON THE RECENT
FINANCIAL CONDUCT AUTHORITY ANNOUNCEMENT
On the 11 January 2024 the Financial Conduct Authority (FCA) announced their intention to review historical motor finance discretionary commission arrangements across the motor finance industry.
As a part of this, the FCA has confirmed:
- They are pausing the 8-week deadline for motor finance firms to provide a final response to relevant customer complaints. The pause will apply to complaints about motor finance agreements where there was a discretionary commission arrangement between the lender and the broker and will last for 37 weeks (approximately 9 months).
- Consumers will have up to 15 months to refer their complaint to the Financial Ombudsman, rather than the usual 6 months. This extension applies to complaints where the firm sent a final response in the period beginning with 12 July 2023 and ending with 10 January 2024, or where the firm sends a final response during the period beginning with 11 January 2024 and ending with 20 November 2024.
To find out more information about the FCA motor commission review, visit their website.