Why Finance Through Tates?

Tates is an established motor group with many years of experience in the motor industry. If you are considering purchasing a new car but are unsure about your financial options, we have the solution thanks to our team of trained finance specialists.

Many drivers now decide to purchase their new or used vehicle through a finance plan in order to spread the cost and upgrade their car more often. Tates can arrange a flexible and affordable finance package that is tailored to you.

What finance option is right for you?

Personal Contract Purchase


  1. Monthly payments tend to be lower than if you chose a Hire Purchase agreement.
  2. You can drive away in a new or used vehicle every couple of year, without having to sell it on.
  3. If you don’t want to buy the car at the end of the agreement, you can simply walk away.
  4. When your agreement comes to an end, if the vehicle is worth more than the GFMV you can use the equity towards a deposit for a brand-new car.

Things to be aware of

  1. Insuring and maintaining the vehicle is your responsibility.
  2. All finance must be settled before you can sell the car.
  3. You must make all of the repayments before you can officially own the vehicle.
  4. If you exceed the agreed mileage, you may incur excess charges.
  5. You must pay the GMFV of the car if you want to buy it.

The rates for Hire Purchase are generally very competitive. In order to get the lowest interest rates, you will need a good credit rating.

Hire Purchase


  1. You don’t need to estimate your mileage at the beginning of the contact, so you’ll avoid any excess charges.
  2. Drive away in a brand-new vehicle that you might not be able to pay for outright.
  3. Once you have made your final monthly payment and the option to purchase fee, you will then have full ownership of the vehicle.

Things to be aware of

  1. You will be responsible for insuring the car and making sure that it is properly maintained.
  2. It has to be in your possession until the full value has been paid.
  3. You cannot sell the car until the finance has been settled.
  4. Monthly payments could be higher than other finance options because you are paying for the full value of the vehicle.

Personal Contract Hire


  1. Drive away in a brand-new vehicle on low monthly payments.
  2. You don’t need to worry about selling the car at the end of the agreement.
  3. All monthly payments are fixed and will never change.
  4. You won’t have to worry about the vehicle losing its value.

Things to be aware of

  1. If you return the vehicle damaged, then you may have to pay extra charges to cover the cost of repairs.
  2. You may have to pay an exit fee if you wish to end the agreement early.
  3. You will be charged excess mileage if you exceed your agreed limit.

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