Finance with t.i.m.
Looking to finance your next vehicle purchase? We want to ensure you choose the option that best suits you and your circumstances. Need some help? Our team will be happy to explain your options in jargon-free detail.
Details below on the most popular options:
Hire Purchase (HP)
You pay a deposit amount and pay agreed monthly instalments over a set period.
- If you wish to sell the vehicle before the end of the finance term, any outstanding finance must be settled in full.
- You own the vehicle outright once the final payment is made.
- Your vehicle is at risk of repossession if contractual monthly payments are not maintained.
- You must not sub-lease or rent the vehicle to a third party.
Personal Contract Purchase (PCP)
The most popular way to finance a new car purchase. Akin to a long-term loan agreement. Monthly payments are generally lower than HP and at the end of the agreement you have a number of options:
- Return the vehicle
- Pay the ‘balloon’ payment and own the vehicle outright
- Put the resale value towards another vehicle purchase
- Ideal if you like to change your vehicle every few years
Business Contract Hire (BCH)
A long-term vehicle lease hire agreement suitable for business owners, sole traders, partnerships and limited companies.
An initial rental fee is paid upfront and the fixed monthly instalments over a set period and mileage.
When the contract ends, the vehicle is returned.