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At Startin Honda, we like to ensure that our customers have a full understanding of all the available finance options so that you can be sure of getting the best deal. To follow is a brief explanation of some commonly used personal finance terms.
GAP Insurance
At Honda we believe it is vital that you should not lose out in the event of a total loss claim of your car through theft or accident.
The problem is that Comprehensive Motor Insurance companies pay out what the vehicle is worth at the time of the claim and not what you originally paid for it. This will leave you with a shortfall in the event of an insurance write -off. Gap is designed to assist you with the financial shortfall.
Payment Protection
All Honda Finance Payment Protection Plans basically do the same thing; if you're unable to keep up the monthly payments on your car finance agreement because of accident, illness or redundancy, Honda Finance will pay them for you.
The plans which are available to UK residents aged 18 and over, offer four main types of cover in different combinations:- Life, Critical Illness, Accident & Sickness ( Disability) and Redundancy/Business Failure.
Hire purchase
Funded by a deposit with regular monthly payments leading to full ownership of the vehicle. Repayment over fixed period. Flexible terms.
PCP
Personal contract plan. Lower monthly payments than hire purchase. Option to keep the vehicle, extend the contract term or return the vehicle.
GMFV
Guaranteed Minimum Future Value. Used in combination with a PCP. Either use the equity in the vehicle as a deposit for a new car, or pay the guaranteed minimum future value and option to purchase fee and obtain full title to the vehicle.
For further information regarding Honda finance please contact our Business Manager Christopher Harrison
