BMS Cars Finance

At BMS Cars Selsey, we are all SAF approved. SAF stands for Special Automotive Finance and is a test to ensure that car dealerships are both informed and knowledgeable about automotive finance, so that they can guide their customers to finance options which suit their needs and budget.

There a variety of different finance options available on the market and each come with their own pros and cons, but at BMS Car Sales we offer HP Finance.

Understanding HP Finance

HP stands for ‘Hire Purchase’ and in terms of agreement, it is fairly similar to how you would take out a mortgage on a house. The way a Hire Purchase finance agreement works is by the customer paying a deposit, and once that’s done the finance company will loan the rest of the amount. This loan is to be paid back in monthly installments with a set interest rate, over an agreed upon term.

Pros of HP Finance

  • The vehicle is yours at the end of the contracted agreement.
  • There are no limits or fines for wear and tear.
  • You are able to choose the length of the contract (which is usually between 12 – 60 months)

Cons of HP Finance

  • The car is not owned until the final payment.
  • This type of finance can often be more expensive because it includes the cost of owning the vehicle.

How Much Does HP Finance Cost?

Just like a mortgage, the repayment costs will vary depending on a variety of factors. These factors include; the size of the deposit, the interest rates, the length of the agreement and how much the car itself costs.

Deposit required
Fixed monthly repayments
Mileage caps
Fines for excess wear / tear
Own the car outright


How The Finance Process Works

Whether you have visited our forecourt and have a dream car in mind, or you want to find out what your finance options are to help you narrow down your options; we can help by going over everything with you. Once we have proposed a deal, the finance company will run a credit check to see what they are willing to lend you. We will be there through each stage of the process to ensure that you understand what finance options are available to you, and once you have decided on the option you wish to proceed with, the finance agreement will be secured against an asset and you will be able to enjoy your new vehicle!

If you’d like to discuss car financing in more detail either call us on 01243 202015 or pop down to 96 High Street, Selsey, Chichester, PO20 0QG for a face-to-face chat.