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Car Finance Options Explained…

Car Finance Options Explained…

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Finding the right car that’s suitable for you is an exciting experience but deciding how to pay for your new car can be a challenge as there are various options to choose from, some of which not everyone fully understands. Below we will explain the most popular forms of payment options, to help you decide which one is right for you.

Personal Contract Purchase (PCP)

Personal Contract Purchase is where you pay an initial deposit followed by a series of monthly payments. At the end of your contract you have three options of what to do with the car:

1. Hand it back to the dealer, as long as it is in good condition.
2. If you want to buy it outright, you pay the final payment, also known as the balloon payment.
3. If your car is worth more than the Guaranteed Future Value (GFV) then you can use that equity towards a deposit on a new car.

Please be aware that if you go over your agreed annual mileage, an additional cost will be required when your contract ends. This also applies to any major bumps/scrape beyond the usual wear and tear. It is important to thoroughly read through your contract as all terms & conditions are outlined.

Hire Purchase (HP)

Similar to PCP, you’ll pay a deposit and monthly payments over an agreed time, however you’re paying off the entire value of the car not the depreciation of the car. Unlike a PCP agreement, there will be no terms and conditions in relation to annual mileage and wear and tear, as at the end of the agreement, you will own the car.

Personal Contract Hire (PCH)

If you do not want to buy the car at the end of a contract period, nor are you looking to change your car during your agreement, then a Personal Contract Hire would be the best choice as it is essentially a long-term rental. Once the agreement ends, you will not own the car and it will be returned to the dealer. Charges will still apply if you go over your agreed annual mileage and if there is any damage on the car.

Personal Bank Loan

With a personal bank loan you can personally arrange to either take out the full amount of the purchase price of the car, or a certain amount if you are shortfall if you want to pay cash. The positives of this option is that you will own the car outright from the start, and you don’t need to worry about limiting your annual mileage or returning the car after so many years.

With all of the above options you need to consider if you can afford the monthly payments/cost before signing the contract. If you would like more information, do not hesitate to contact our Centres across the North East.

MOT Changes 2018

MOT Changes 2018

Posted on: 19th May 2018

As of 20th May 2018, the MOT test has undergone some of the most significant changes of its near 60-year history. Some of the changes include new defect categories, stricter rules for Diesel car emissions and some cars over 40-year-old will be exempt from the MOT test. The main changes which you need to know about are explained below.

Driving Test Changes In December 2017

Driving Test Changes In December 2017

Posted on: 4th Dec 2017

The Driver and Vehicle Standards Agency (DVSA) have confirmed that from today (Monday 4th December), changes to the driving test are now in effect.

Winter Driving Questions Unveiled: Part 1

Winter Driving Questions Unveiled: Part 1

Posted on: 15th Nov 2017

With the cold winter days fast approaching and the dark nights now here, driving can be a daunting experience. Whether you’re driving to work, the shops or travelling to a relative’s home for Christmas ensuring your car is in full working condition is essential. Sometimes though, we forget some of the rules of the road during the colder months;...

Richard Hardie Staff Race To The Finish Line At The Great North Run 2017

Richard Hardie Staff Race To The Finish Line At The Great North Run 2017

Posted on: 13th Sep 2017

Last weekend (Sunday 10th September) some of our fitness fanatic staff completed the Great North Run, which is the largest half marathon in the UK with over 57,000 runners participating each year! Do you want to find out how our team got on? Read their inspiring stories below…

A Guide To Child Seat Laws

A Guide To Child Seat Laws

Posted on: 28th Aug 2017

Check out our handy guide on the new child seat laws and everything you need to know about choosing the correct seat for your child.

Valentine’s Day Road Trip Ideas

Valentine’s Day Road Trip Ideas

Posted on: 13th Feb 2017

Looking for something extra special to do this Valentine’s Day? How about a road trip? The UK has some wonderful places, especially around the North East. Here we share with you those places and how to make your Valentine’s Day that little more special.

Five Reasons to Buy the Fiat 500

Five Reasons to Buy the Fiat 500

Posted on: 31st Jan 2017

The Fiat 500 is a recognisable car across Britain’s roads. Its unique shape and style make it stand out from the crowd. We love it, and here we’ve listed our top five reasons why you should buy a new Fiat 500.

Richard Hardie Raise over £378 for Save the Children

Richard Hardie Raise over £378 for Save the Children

Posted on: 30th Dec 2016

On Friday 16th December 2016 our Richard Hardie Centres in Ashington, Durham, Newcastle, Silverlink and Sunderland, flaunted their Christmas Jumpers to raise money for Save the Children. We had a great day playing various fundraising games and in all we raised £379.72 between our five Centres in the North East!

Winter Driving Tips

Winter Driving Tips

Posted on: 22nd Dec 2016

Here are our top winter driving tips to get you and your car through the next few months.

Taking Your Car Abroad

Taking Your Car Abroad

Posted on: 22nd Aug 2016

Our top tips on how to prepare for your European driving holiday.

Richard Hardie Durham to Complete Demanding Two Day Coast 2 Coast Challenge

Richard Hardie Durham to Complete Demanding Two Day Coast 2 Coast Challenge

Posted on: 14th Aug 2016

Some of the team at our Durham branch are embarking on a gruelling two day challenge later this month to support and raise money for excellent charities close to their hearts. The team are doing the Coast 2 Coast starting at Whitehaven on the 26th August and finishing the challenge at Sunderland on the 28th August 2016.

Abarth and Fiat Anniversary

Abarth and Fiat Anniversary

Posted on: 28th Jul 2016

The end of this month will see the 44th anniversary since Fiat and Abarth merged.

Chris Moody Celebrates 25 Years at Richard Hardie

Chris Moody Celebrates 25 Years at Richard Hardie

Posted on: 30th Jun 2016

Chris Moody celebrates 25 Years with the company on 1st July 2016. Chris originally started as an YTS apprentice for 2 years at the Chester le Street branch and then became employed on the 1st July 1991. Since then Chris has had many promotions from then and became Group Parts Manager in 2001.

Is Your Car Ready For Summer?

Is Your Car Ready For Summer?

Posted on: 26th Apr 2016

Our cars take a bit of a beating over the cooler months. Follow our tips to ensure your car is ready for long summer drives!

New Fiat 124 Spider Unveiled!

Posted on: 20th Nov 2015

It’s back! A new Fiat 124 Spider was just unveiled at the 2015 LA Auto Show and it looks fantastic.

Fiat 500 Icon Reloaded Movie Wallpaper

Posted on: 12th Oct 2015

The Icon Reloaded launch brought with it a series of iconic movie features that Richard Hardie developed into poster and wallpaper for your desktop, tablet, laptop or smartphone or even your website.

The Oddballs Fiat 500 by Richard Hardie

Posted on: 24th Sep 2015

This week a brand new Fiat 500 Lounge was handed over to The Oddballs Foundation to help raise awareness of the charity and its great cause. Enter our competition to have the chance to win some prizes!

Fiat-Chrysler Agrees Football League Deal

Posted on: 10th Jun 2015

The Football League play-off finals last month marked the start of a new official car partnership between Fiat-Chrysler and the Football League.

Fiat Aegea Debuts At Istanbul Motor Show

Posted on: 9th Jun 2015

The Italian Fiat Aegea debuted at last months Istanbul Motor Show, where it sported an elegant bold design with strong sculpted lines...

Fiat 500X - a little more revealed

Fiat 500X - a little more revealed

Posted on: 22nd Sep 2014

Due to be unveiled at October's Paris Motor Show, the Fiat 500X crossover, is strictly under wraps but you can see a sneak preview of this latest member of the Fiat 500 family.

The New Fiat 500X

The New Fiat 500X

Posted on: 15th Sep 2014

Currently under wraps but due to be unveiled at October's Paris Motor Show, see a sneak preview of the Fiat 500X crossover, latest member of the Fiat 500 family.

The New Fiat Panda Cross - A Car Like No Other

The New Fiat Panda Cross - A Car Like No Other

Posted on: 31st Aug 2014

Being able to offer something truly unique in the increasingly competitive SUV segment is no small achievement but in the FIAT Panda Cross that's exactly what you get - a car like no other! The new FIAT Panda Cross combines the genuine capabilities of a proper off-road vehicle with the efficiency and practicality of a versatile city car.

FIAT 500 range revised for 2014

FIAT 500 range revised for 2014

Posted on: 26th May 2014

The latest updates, including the new range-topping FIAT 500 Cult model, a new TwinAir 105hp engine and new colours, upholsteries and wheels go on sale in the UK.

Big star, small car! Clint Eastwood in his FIAT500

Big star, small car! Clint Eastwood in his FIAT500

Posted on: 25th May 2014

He can afford any car on this earth but forget a Lamborghini, the only Italian motor Clint Eastwood wants is a Fiat. The 83-year-old mega star arrived on set in Venice, California, in the Fiat 500 Hatchback.

New Beats Edition of the Popular FIAT 500L

New Beats Edition of the Popular FIAT 500L

Posted on: 27th Apr 2014

New Beats Edition™ of the Popular FIAT 500L The FIAT 500L range goes from strength to strength in 2014 with the announcement of a new special edition - the FIAT 500L Beats EditionTM.

Fiat unveils Panda 4x4 Antarctica edition

Fiat unveils Panda 4x4 Antarctica edition

Posted on: 27th Apr 2014

Fiat is celebrating the 30th anniversary of the Fiat Panda by releasing a special edition 4x4 Antarctica. The car is denoted by its white paintjob and black roof, along with 15-inch diamond-finish alloy wheels, special badges and orange detailing.