Buying a car can be a stressful enough experience in itself but, coupled with the enormous diversity of financial products available in order to fund your purchase, the whole experience can become bewildering!
Why Mann Island Finance?
As probably the largest independent finance and car brokerage operation in the United Kingdom, Mann Island Finance has access to most, if not all, the major financial institutions in the U.K. including Banks, Finance Companies and Contract Hire companies.
Each of these institutions have their own particular strength's and weaknesses and our job is to match your requirements with a reputable financial institution (all our suppliers are national companies) who's strengths match your needs.
This service, by definition, cannot be offered by any one company.
What products are available to me as a Private Individual? See below:
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Similar to Hire Purchase, but with the added advantage of the finance company guaranteeing a minimum future value on the vehicle at the end of the period.
PCP is for private individuals who want the option of eventual ownership coupled with the security and peace of mind of the finance company guaranteeing that the vehicle will be worth a specified minimum amount (subject to normal wear and tear and an agreed mileage) at the end of the period.
In essence, you pay a low initial deposit followed by a fixed monthly rental for the period of the loan.
At the end of the agreement the guaranteed future value becomes relevant and you, the customer, have 3 choices:
- You can buy the vehicle by paying the guaranteed future value and the car is yours. This value is fixed at the start of the agreement and will be as stated on your original documentation.
- You can hand the car back to the finance company and take another car through Mann Island Finance. You are only liable for any excess mileage and any damage other than from fair wear and tear.
- You can part exchange the vehicle against a new vehicle of your choice.
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For private individuals who want a hassle free and cost effective way to finance and maintain a vehicle.
Personal Contract Hire (PCH) gives the user a fixed equal monthly rental for a fixed contract term and mileage. At the end of the contract the vehicle is simply handed back.
Popular with company car drivers who are given a car or mileage allowance instead of company vehicle. It allows the individual to make his/her own choice and arrangements.
This will avoid benefit-in-kind taxation. The finance company assumes the risk of the residual value of the vehicle. |
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The traditional, but still ever popular, funding option which gives the customer eventual ownership of the vehicle. A fixed cost, fixed period loan that allows you to spread the cost of the vehicle over a period of up to five years. The user is effectively the owner of the asset, but legal title to the car does not pass until the loan is fully repaid including the final payment which includes a nominal "option to purchase" fee. Monthly payments cover the capital cost plus interest and do not carry VAT. For business users the vehicles will be ON Balance Sheet. |
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