![]() This can help buyers to slot the purchase into their regular outgoings without spending months or years saving up for a vehicle. GMFV then you can use this as an equity deposit.Ĭar Finance can make buying a vehicle more affordable in the short term by spreading the cost of the vehicle over time. If the car is worth more than the original Exchange the car for an alternative vehicle through the same Finance Provider.Be aware: extra fees may be charged for Excessive Wear and Tear or additional mileage use. Pay the Balloon Payment and Keep the Car.Pay the agreed monthly fee for between 2 and four years, as negotiated and agreed in advance.Īt some point shortly before your Finance Term ends your Finance Provider will contact you to ask if you want to pay the GMFV (Balloon Payment)Īnd drive away with the car after your Agreement has ended. This should detail all your payments, fees and responsibilities – read it carefully. Minimum Future Value (GMFV) or “Balloon Payment” and this is what you’ll need to pay at the end to keep the car. Your Finance Provider will then tell you how much they think the car will be worth at the end of the agreement. This tells your Finance Provider how much your car is likely to wear and change the amount you pay every month. Remember: the more you pay in your deposit, the cheaper your monthly payments are likely to be.Īgree your Mileage Allowance. Pay a deposit, part exchange your old car or do both.
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