I'm interested in financing a Caterham car. Please explain the key differences between Personal Contract Purchase (PCP) and Hire Purchase (HP) as described on the website. Specifically, for PCP, what is the 'balloon payment' and what are the three options at the end of the agreement? For HP, when do I own the car? Finally, how does the website suggest I get a personalized finance quote?
Navigate to 'https://caterhamcars.com/en'. Accept the cookie preferences. Click on the 'View finance offers' link. Scroll down the page to ensure all content about PCP and HP is visible. Identify and describe the key differences between PCP and HP. For PCP, identify the definition of the 'balloon payment' and the three options available at the end of the agreement. For HP, identify when the customer owns the car. Locate information on how to obtain a personalized finance quote. Synthesize all gathered information to answer the task.
The agent successfully navigates to the 'Finance Offers' page. The agent clearly explains that PCP involves lower monthly payments and a final 'balloon payment' with options at the end, while HP involves higher monthly payments leading to ownership after all payments are made. The agent states that the 'balloon payment' in PCP is the final payment at the end of the agreement. The agent lists the three options at the end of a PCP agreement as: 1) Pay the balloon payment and own the car, 2) Return the car, or 3) Part-exchange the car for a new one. The agent states that with HP, the customer owns the car once all payments, including the Option to Purchase fee, have been made. The agent states that the website suggests contacting a local Caterham retailer to get a personalized finance quote.