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Finance
ALX Cars are proud to be able to offer Personal or Business finance packages on all our vehicles. This can be tailored to your personal requirements, including deposit, term and APR. We exclusively work with brokers who aim to be competitive, knowledgeable experts who work on your behalf, their details are at the bottom of this page. Please feel free to contact them directly or speak to us and we can arrange a quote on your behalf. Our package options can be found below:
Hire Purchase:
The hire purchase option is based on a term up to 10 years and the deposit you wish to put in, the rest of the balance is placed on finance and is spread over the term you chose resulting in an equally divided monthly payment. Once the monthly payments and term comes to an end you will own the vehicle outright, the finance can be settled early with no
early termination fee and also an interest rebate will be calculated.
This is a flexible funding option where over payments can be made to reduce the interest paid over the term, part exchanges can be used as a deposit or as previously mentioned early settlements can be made.
Lease Purchase:
The Lease Purchase option is equivalent to Hire purchase however there is a final balloon payment to be made at the end of the agreement. This final balloon payment offsets up to 25% of the remaining balance of finance which means it brings your monthly payments down to a more manageable size for the interim.
The offset balloon payment is still part of your finance agreement and interest will be paid on it during the term, however its not taken into consideration when working out your monthly payments which is why they are smaller than on a Hire Purchase agreement.
The benefit of this over a Hire Purchase is either having smaller and manageable payments or being able to upgrade to a better specification due to the offset balloon. This funding option is based on a term up to 5 years and the final balloon payment is dictated by the finance company. At the end of the agreement, you can part exchange the vehicle for a new one and any potential equity you may have (the difference between what the current market value is and the final balloon payment) you can use towards a deposit for another vehicle or pay the balloon payment and either keep the vehicle or
sell it to pay the balloon payment off.
