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Ways to Pay for Your Used Wheelchair Accessible Vehicle
Whether you’d prefer to learn about the finance options available on selected used wheelchair accessible vehicles, purchase a second-hand WAV outright or part exchange your current vehicle, we offer a range of payment options.
Our experienced mobility advisors will explain each option clearly to help you make an informed decision when considering the solution that’s right for your budget and circumstances.
Finance Options for a Used Wheelchair Accessible Vehicle
Hire Purchase
Hire Purchase (HP) allows you to spread the cost of a wheelchair accessible vehicle through fixed monthly payments over an agreed term.
Once all payments have been made and the agreement has been completed, ownership of the vehicle typically transfers to you.
Deposit requirements
Most Hire Purchase agreements require an initial deposit.
The amount paid upfront may affect your monthly payments and the overall amount payable under the agreement.
If you have a vehicle to part exchange, its value may be used towards your deposit, subject to eligibility and valuation.
Monthly payments
After paying your deposit, you’ll make fixed monthly payments throughout the agreement term.
Unlike Personal Contract Purchase (PCP), Hire Purchase is generally structured so that you are financing the full balance of the vehicle, less any deposit paid.
The amount payable will depend on the vehicle selected, deposit amount, agreement term and any applicable fees or charges.
End-of-term options
Once all agreed payments have been made and the agreement has been fulfilled, ownership of the vehicle typically transfers to you.
As ownership is the intended outcome of the agreement, there is generally no optional final payment required to purchase the vehicle.
Will I own the vehicle?
Ownership will normally transfer to you once all sums due under the agreement, including any applicable option-to-purchase fee, have been paid and the agreement has been completed.
Until then, the finance provider will normally remain the legal owner of the vehicle.
Personal Contract Purchase
Personal Contract Purchase (PCP) is a finance option that allows you to spread the cost of a wheelchair accessible vehicle through an initial deposit and fixed monthly payments over an agreed term.
At the end of the agreement, you will typically have a number of options available, including purchasing the vehicle, part exchanging it or returning it, subject to the terms and conditions of your agreement.
Deposit requirements
Most PCP agreements require an initial deposit. The amount you pay upfront may affect your monthly payments and the overall amount payable.
If you have a vehicle to part exchange, its value may be used towards your deposit, subject to eligibility and valuation.
Our team can explain the options available and provide an illustration based on your chosen vehicle.
Monthly payments
Monthly payments under a PCP agreement may be lower than under a comparable Hire Purchase agreement because part of the vehicle’s value is deferred to the optional final payment.
This does not necessarily mean that PCP will cost less overall.
If you wish to own the vehicle at the end of the agreement, you will need to make the optional final payment and pay any other applicable fees.
End-of-term options
At the end of the agreement, and provided the terms and conditions have been met, you will usually have the option to:
Keep the vehicle
Make the optional final payment and take ownership of the vehicle.
Part exchange the vehicle
You may be able to use any available equity towards another vehicle.
Return the vehicle
Return the vehicle without making the optional final payment.
Mileage limits and vehicle condition requirements may apply. Additional charges may be payable if these conditions are not met.
Will I own the vehicle?
Unlike Hire Purchase, you won’t automatically own the vehicle at the end of a PCP agreement.
Instead, ownership remains with the finance provider unless you choose to make the optional final payment.
This flexibility is one reason PCP is often chosen by customers who like having options when their agreement comes to an end.
Allied Vehicles Limited (FRN 1040512), trading as Allied Mobility is an appointed representative for credit broking of Product Partnerships Limited (FRN 626349) which is authorised and regulated by the Financial Conduct Authority. We act as a credit broker, not a lender sourcing credit from lenders. We can introduce you to a limited number of lenders who may be able to offer you finance facilities for your purchase. Lenders will pay us a fee for these introductions. The nature of this commission is as follows: we receive a commission based on a percentage of the total amount of finance taken by the customer. This will not affect the amount you pay. We will disclose the amount of any commission received prior to you signing your credit agreement. Offers are subject to status, terms and conditions. Finance subject to status and affordability.
Other Payment Options
Part Exchange
If you already own a standard car or a wheelchair accessible vehicle of your own, you may be able to use it as a part exchange towards the cost of your used WAV. The value of your current vehicle can be used to reduce the amount you need to pay.
Outright Purchase
If you would prefer to pay in full, you can purchase your used WAV outright. This gives you immediate ownership of the vehicle with no ongoing monthly payments or finance agreements to consider.
Our Customers Ask…
What are the differences between Hire Purchase and PCP?
With Hire Purchase, ownership of the vehicle typically transfers to you once all payments have been made. With PCP, you’ll have options at the end of the agreement, including purchasing the vehicle through an optional final payment.
Can I use my current vehicle as a deposit towards a used wheelchair accessible vehicle?
You may be able to use the value of your current vehicle towards a deposit, subject to valuation and eligibility.
Can I finance a used wheelchair accessible vehicle?
Finance may be available on selected approved used wheelchair accessible vehicles, subject to status, affordability and lender criteria.
Can I settle my agreement early?
Please refer to your finance agreement or speak to the finance provider for further information.
Which finance option is right for me?
Our mobility advisers can provide factual information about the features of the finance products available through our lending panel and explain the differences between Hire Purchase and PCP. They do not provide independent financial advice or make a personal recommendation about which product is right for you.
What happens if my mobility needs change?
If your circumstances change during the agreement, please contact the finance provider in the first instance to discuss the options available under your agreement. Our team may also provide factual information about any vehicle or part-exchange options available, but any changes to the existing finance agreement will be subject to the finance provider’s terms and approval.
