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Masters Dacia - Finance

Vehicle Finance can be confusing. Here is our brief guide to what we can offer to make your new Dacia or used model more affordable than you may expect. You could possibly consider an higher specification? Please contact us for any further information.

Citroën Financial Services offer a selection of competitive finance products to make funding your new Citroën easy and affordable. Listed below are some brief descriptions of funding methods and finance products available. Contact us for any further details you may require. Every customer has a different requirement, so please ask us for a written quotation.

Cash Purchase

Use you own money ! If you are lucky enough to be able pay outright we’re not going to say no ! However, it is not always the good idea it seems . . . . .

When doing your calculations, remember that you will be losing any interest that money could attract. It could be that a 0% or low rate deal is available and using cash actually costs you money. In addition, attractive features like our new ' Payment Waiver ' can work positively for you if you are made redundant involuntarily, and keeping your savings might be considered prudent. Maintaining a strong credit history can also help in future should you apply for another loan, be it for a vehicle purchase or not. Take a look at some other funding methods below.

Instalment Credit ( often known as Hire Purchase )

A traditional method of funding a vehicle purchase when not using cash. You pay an agreed deposit either before or at delivery and then monthly payments for up to 5 years. When the final payment is cleared you own the vehicle. Payments normally include interest and administration fees other than when a 0% APR or other special purchase scheme is available. The APR charged is always stated on quotations and documentation. Our ' Payment Waiver ’ scheme applies to Instalment Credit agreements – see below.

Elect 3 ( also known as a PCP, or Personal Contract Purchase )

This is a finance scheme with a final 'balloon' payment deferred to the end. Payments normally include interest and administration fees, other than when a special purchase scheme is available. As the total cost is not paid back by the end of the agreement, lower attractive monthly payments can be achieved The final payment ( known as the GFV or Guaranteed Future Value ) is optional. Maximum period for an Elect 3 agreement is 37 months, with the final payment or vehicle return / replacement by month 37. The APR is always stated on quotations and documentation.

At the end of the agreement you can choose either to:

  • Part exchange the vehicle and any equity over the GFV can be used towards your new purchase.
  • Pay the GFV and own the vehicle
  • Return the vehicle to Citroën Financial Services ( don’t be caught out ! It is vital to be accurate with your estimated mileage because you’ll face additional charges if you have exceeded the agreed mileage at the end of the agreement. Similarly if you fail to look after your vehicle properly – condition should be reasonable for its age and mileage when you hand it back – you could incur extra charges )

The GFV is set by Citroën Financial Services according to the mileage agreed and you normally pay a deposit up front ( 40% maximum ). Sometimes special Elect 3 schemes are available with low, or even no deposit, but 10% deposit can be considered typical. Please check with us for details of current offers. Our ' Payment Waiver ’ scheme applies to Elect 3 agreements – see below.

Elect 4 ( also known as a Personal Finance Lease )

Not to be confused with Elect 3, because you can never own the vehicle with Elect 4. You rent the car long term, use it until the end of the agreement and then return it to your local dealer and replace it with a new one. As you are renting the vehicle, an APR is not stated. Our ' Payment Waiver ’ scheme applies to Elect 4 agreements – see below.

At the end of your agreement you can choose to:

  • Part exchange the vehicle and any equity over the final optional rental can be used towards your new purchase.
  • Return the vehicle to Citroën Financial Services ( don’t be caught out ! It is vital to be accurate with your estimated mileage because you’ll face additional charges if you have exceeded the agreed mileage at the end of the agreement. Similarly if you fail to look after your vehicle properly – condition should be reasonable for its age and mileage when you hand it back – you could incur extra charges )
  • Sell the vehicle to a third party as an agent of Citroën Financial Services, who will invoice the buyer. Any surplus above the final optional rental will be refunded back to you.
  • Pay the final optional rental and opt for a secondary rental term ( 12 month extensions available ). You will pay a 'peppercorn’ rental equivalent to one months rental for each 12 month extension.

Payment Waiver (Peace of mind from a responsible lender – yours completely free of charge )

Introduced in 2011, all new and used retail finance customers will benefit from our 'Payment Waiver’ feature which will pay up to 6 monthly installments for those customers who are made redundant involuntarily ( that is through no fault of their own ). This benefit is included in your agreement completely free of charge and must not be confused with the various discredited payment protection insurance schemes which have been available from many lenders in the recent past. Any payments waived do not require paying back. Obviously there are reasonable terms and conditions and full details are available on request.

Elect 3 Pro ( for Business Users Only )

Works just like Elect 3 ( see above for details ) but is especially tailored for van users. You can forget depreciation worries and just get on with the job. Elect 3 Pro offers low deposits, affordable payments and the opportunity to drive a new van on a more regular basis. The APR is always stated on quotations and documentation. Sometimes there are special Elect 3 Pro schemes available with deposit contributions, low rates or even 0% - please ask our sales team for details of any current offers.

Lease Purchase ( for Business Users Only )

Combines the traditional ownership benefits of Instalment Credit with the favorable cashflow advantages of leasing, providing a business with ultimate flexibility. You choose initial outlay and the term to create the desired monthly payment. A 'balloon’ payment can be deferred to the end of the agreement based on the anticipated value, but ant shortfall is your responsibility. After all payments are cleared, you own the vehicle.

Business Lease ( for Business Users Only )

This offers a low initial outlay and fixed monthly rentals. VAT is charged on rentals. To reduce payment a 'balloon’ payment is often built in to the scheme, based on the estimated value at the end of the agreement. At the agreement end, you can sell the vehicle as an agent of Citroën Financial Services whilst benefiting from 100% of the sale proceeds. If a 'balloon' is included it must be paid at the end of the primary rental term, in full, regardless of the sale proceeds. There are extension options after the primary rental term, normally with a 'peppercorn' rental.

Citroën Contract Hire ( for Business Users Only )

A tax efficient method of funding, removing residual risks and achieving a low monthly rental. VAT is chargeable on rentals and can be reclaimed if you are VAT registered. Most common payment pattern is 3 rentals in advance, followed by 35 monthly rentals on a three year agreement. Longer and shorter terms are available. Customers can choose to include a tailored maintenance package within the rental cost. Ideal for tight budgeting. Rentals dependent on mileage selected. Special schemes are available from time to time - please ask our sales team for details of any current offers.

Financial Shortfall Insurance ( FSI )

A new product to protect customers against losses if their vehicle is written off, or stolen and not recovered in the first three years of ownership. FSI is available to cash buyers as well as those purchasing on a finance scheme. For a competitive one-off payment FSI will pay the difference between what your insurance company pay out and the price you originally paid for the vehicle.

This will allow you to replace your loss with a similar new model with the minimum of extra cost. The policy can be cancelled by the customer at any time ( subject to an administration fee ) and a pro-rata refund will apply. We strongly recommend that our customers protect themselves with an FSI policy and avoid the potential hassle should a total loss claim occur within 3 years. We are happy to give full details, a product leaflet or product presentation on request.

As you can see above, there are many ways we can help finance your new Citroën, used car or van. Contact any of our sales team for a written quotation, advice on which funding method will suit you and details of any special schemes available.

All finance agreements are subject to terms and conditions, underwriting acceptance and a guarantor may be required. Masters Citroën are a licensed credit broker regulated by the FSA.

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