Finance

Forward Autos can offer a wide range of financial packages tailored to suit your personal or business requirements.

There are different types of vehicle finance and a brief summary of each option is as follows:

Hire Purchase

Best Suited For: Customers who want a simple form of car finance and want to own the vehicle at the end of the contract. 

Typical cost: Between 7% and 13% APR

How it works: Customer pays an initial deposit and then the balance is paid in monthly installments including interest. Hire purchase offers a higher level of consumer protection than an unsecured personal loan.

Drawbacks: You don’t own the car until the end of the contract and you can’t sell or modify it without the lenders permission during the contract.

0% finance

Best Suited For: Customers who can pay a large deposit buying a new vehicle

Typical cost: None

How it works: Customer pays an initial larger deposit and then the balance is paid in monthly instalments interest free.

Drawbacks: Loan terms are shorter than other forms of finance, so monthly payments may be higher. This type of finance isn’t available on all vehicles. It is usually provided by a manufacturer in the form of a consumer offer.

Personal Contract Purchase (PCP)

Best Suited For: Customers who don’t want to pay a larger deposit, want to keep repayments low and like a new vehicle every 2 to 4 years.

Typical cost: Between 7% and 14% APR

How it works: Customer opts for an annual mileage, pays an initial deposit and then monthly instalments including interest with a lump sum that is left to pay off at the end of the contract based on the mileage you have opted for. The lump sum amount is set by the finance company and is called the minimum guaranteed future value (GFV). The lender guarantees that the car will be worth that amount at the end of the contract. PCP’s offer a higher level of consumer protection than an unsecured personal loan.

When the contract ends, you have three options:

  1. Pay the lump sum off yourself and keep the car
  2. Hand the car back to the finance lender
  3. Part exchange your car with your dealer, subject to the car being worth more than the lump sum, and use as a deposit against your next vehicle.

Drawbacks: PCP’s generally work out more expensive than hire purchase, especially if you decide to pay the lump sum at the end and buy the vehicle. At the end of the contract you must pay charges relating to any excess mileage and any damage on the vehicle that is not fair wear and tear. If you decide to hand the vehicle back to the lender you must pay any charges relating to any excess mileage and any damage on the vehicle that is not fair wear and tear.

Personal Contract Hire

Best Suited For: Customers who want a new car regularly without ever owning it.

Typical cost: Monthly lease payments usually between £100 and £400 per month.

How it works: Customer chooses a vehicle and how long you want to lease it for and states what annual mileage they do. These three factors determine your monthly payment and some schemes have an option to include servicing and maintenance of the vehicle. You rent the vehicle for the stated term and give the vehicle back at the end of the contract.

Drawbacks: You normally have to pay a few months’ rental in advance. You cannot modify or cancel the contract and you are liable for all the rentals for how long you are renting the vehicle. At the end of the contract you must pay charges relating to any excess mileage and any damage on the vehicle that is not fair wear and tear.

Forward Autos is authorised by the Financial Conduct Authority to carry out credit broking activities in relation to the sale of motor vehicles. Forward Autos IS NOT a lender and uses a variety of finance lenders.

To save time, why not fill in our online finance proposal facility so we have all the necessary details to hand prior to your visit.

If you would like to enquire about applying for finance on the 2019 (69) VOLKSWAGEN POLO 1.0 R-LINE TSI 5DR Manual please complete the form below giving as much detail as possible.

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Vehicle Interested In

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Further Information

GDPR and Data Protection Notice 1998

In considering your application we will search your record at a credit reference agency. They will add to your record details of our search and your application and this will be seen by other organisations carrying out later searches. It is important that you give us accurate information. We will check your details with fraud prevention agencies and if you give us false or inaccurate information and we suspect fraud we will record this. We and other organisations may use and search these records to help make decisions about credit and credit related services, for you and members of your household; trace debtors, recover debt, prevent fraud, and to arrange your accounts or insurance policies; check your identity to prevent money laundering unless you furnish us with other satisfactory proof of identity. You have a right, on payment of fee, to receive a copy of the information we hold about you if you apply to us in writing. We may pass on your details to other companies to send information about the product.

Please tick the box below to confirm that you consent for your information to be made available to any potential lender or broker who may be able to help you buy/lease your vehicle of choice at Forward Autos.

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