At Auto Q we have an array of finance packages to suit each individuals’ needs. So whether you are in negative equity, or you only need to finance a small proportion of your new car, we have a package suitable for you. We do not have an attachment to one particular finance house so we can shop the market to find the right package and best deal available for you.
We can offer: PCP, Lease Purchase, Hire Purchase and Personal Loans to finance your new vehicle. These options are explained below:

• Hire Purchase

Straight forward monthly payments with no final payment. The vehicle is owned by the finance company up until the last payment is made and is then legally yours. No large payments and suitable for someone with a larger deposit or someone planning to keep the car for a lengthy period of time i.e more than 5 years.

• Personal Loans  specifically for car purchases. These loans are typically a lower finance rate for those with an excellent credit rating and/or for those with negative equity in their current finance agreement.

• PCP

What is PCP?
PCP was designed specifically to be a personal contract for private individuals. Should you enter into a PCP plan, it is classed as a conditional sale agreement that offers you protection under the Consumer Credit Act 1974 and the Financial Services Regulations 2004.
Seen as a way to avoid the depreciation trap, a PCP agreement allows you the option to set up a contract term, with monthly payments. At the end of the term, you then have the option to purchase the vehicle, or simply hand it back to the contract provider.
Monthly payment is worked out through several factors, i.e. the price of the car, deposit, mileage per year and term of the agreement.
You will also agree on a MGFV (or GFV) which is a minimum guaranteed future value figure - sometimes called a balloon payment. This is usually a large sum, which is worked out using similar factors to that of the monthly payment
When your agreed contract term comes to a close, you have 3 options:

• Pay the GFV and take the car away - it's yours.
• Hand it back and walk away - but you won't get any of your deposit or repayments back.
• Use the difference between the GFV and the actual real value of the car as deposit towards your next car.

The Benefits

• You know exactly where you are financially, with fixed monthly payments that are usually lower  than other forms of finance.
• There’s no negative equity and can be less risk of depreciation:
• Finally, probably the best benefit is that it does not have to be a new car on PCP. The car must be less than three year old at the start of the agreement and no older than five years old at the end

Lease Purchase

One of the benefits of paying for a car in monthly instalments is that it brings many of the top brands financially within reach of more people. Lease Purchase is sometimes referred to as Hire Purchase with a balloon and is structured in a similar way to Personal Contract Purchase (PCP).
The customer will normally benefit from a slightly lower finance rate with a Lease Purchase product as there is no guarantee offered at the end of the agreement, the deferred capital lump sum amount at the end of the agreement is known as the Residual Value (RV), and this has to be paid by the customer for outright ownership. Deposits for Lease Purchase are flexible and are normally a minimum of 10% and a maximum of 50% of the total vehicle price, repayment periods are taken over 3 or 4 years typically.
The Residual Value (RV) (sometimes called the balloon) at the end of the agreement reduces the regular monthly payments accordingly, thus making vehicles that traditionally have a strong Residual Value (RV) more suitable for this type of product as they make repayments far more affordable.
The Residual Values (RV) is calculated and set at the beginning of the agreement and although this is not payable until the end. At the end of the agreement, there are realistically two options, 1. Pay off the residual value in cash or settlement by part-exchange or 2. Some lenders will allow the residual value to be spread over a secondary period and be refinanced again.
Key Benefits to Personal Contract Purchase & Lease Purchase

• Lower deposits available.
• Cost effective rentals due to residual values.
• No tie to mileage contract
• No lock in and settlement can be made at any stage of the agreement.

There is lots of information above, so if you wish to talk to one of our highly trained staff to establish which type of product you require, please call us  on 02890 732193 or send us an enquiry using the boxes below.

What is RTI (Return to Invoice) GAP Insurance?
RTI Gap Insurance is a vehicle protection insurance plan that fills the financial deficit often left when insurance company settlements are lower than expected upon a total loss insurance claim. GAP insurance is not a replacement for existing motor insurance policy, but a valuable supplement that protects you against serious financial loss if your car is written off.
Even if you have fully comprehensive motor insurance, your motor insurer will almost certainly only offer you the current market trade value for your vehicle at the time of a claim, leaving you with a shortfall of potentially several thousand pounds. In other words, the insurance pay-out is nowhere near enough to replace your vehicle with the same and in some cases, settlements are not even enough to pay off your existing finance agreement.
Return to Invoice GAP Insurance does exactly that, it pays you out to the original Invoice selling price of your vehicle by effectively "topping up" your main car insurance payout with the amount required to return you back to the total sales price as detailed on your original invoice provided by the supplying dealer.

How does RTI GAP Insurance work?
In the event of your vehicle being written off, RTI GAP Insurance will pay the difference between your Motor Insurance Payout and the amount that you originally paid for your vehicle.
RTI GAP Insurance is available for new or used vehicles with a value of up to £80,000 and must be taken out no later than 7 days after you took delivery of the vehicle.

Example
Let’s say you purchase a vehicle for £29,995.00
Two years later, the vehicle is written off and your motor insurance company offer you only £20,000.00 as a settlement.
If this happened, RTI GAP Insurance would pay the £9,995 difference between your Motor Insurance payout (£20,000) and the original invoice price you paid for the vehicle (£29,995).
If you have purchased the vehicle by way of a Finance Agreement, in most cases (not all) receiving the full original invoice price back will allow you to clear the remaining balance of your finance agreement and have money left over to put towards a new vehicle.

Auto Q (I) Ltd
179-181 Ravenhill Avenue
Belfast
BT6 8LE

Tel:  0844 5438598
Fax: 02890 732134
Mob: 07786 554407

Open 6 Days a week

Viewing's can be arranged outside normal hours by appointment.

Services Included:

Sales - New & Used Vehicles
Servicing & Repair
M.O.T Preperation
Finance Packages
Extended Warranties
Insurance Products
Valeting