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FINANCING YOUR MINI. OUR MINI FINANCE PRODUCTS.
MINI SELECT - KEEPING YOUR OPTIONS OPEN.
MINI Select, our Personal Contract Purchase product, is our most popular car finance product for both new and used cars. This is because it generally has lower monthly repayments and provides you with flexible options at the end of the agreement. It’s particularly good for those who appreciate having the option to own the car at the end of the contract or you can simply return it without additional commitments or part exchange it for a new MINI.
With PCP, you defer a portion of the cars total value until the end of the agreement and this optional payment needs to be made if you want to purchase the car. This amount is the Guaranteed Minimum Future Value (GMFV)
More BMW for your money.
As you are deferring a proportion of the car’s value until the end of the agreement, your monthly payments could be less than you think. This may give you the flexibility to add more options to your car, or even upgrade to a higher specification model, all within your budget. Or you can simply pay less each month for the car you want, compared to Hire Purchase, our alternative product offering.
How PCP finance works.
Pay the deposit
A minimum deposit of 10% of the vehicle price is required and the remaining cost of the vehicle is paid over the term of the agreement.
Fixed repayments
Monthly repayments are fixed during the agreement and spread equally throughout the term, including interest.
Guaranteed minimum future value (GMFV)
We guarantee the minimum the vehicle will be worth at the end of the agreement, based on agreed annual mileage and maintenance of the vehicle. If you drive more than the agreed annual mileage or the vehicle is damaged beyond our fair wear and tear standards, you may need to pay additional charges.
How to own, return or exchange the vehicle
At the end of the agreement, customers can pay the completion fee of €75 and the Guaranteed Minimum Future Value (GMFV) to become the legal owner of the vehicle, hand it back and walk away, or part-exchange it for a new one.
Features of PCP:
Lower Monthly Payments: You only pay for the car's depreciation (value lost) during the term, not its full price, leading to lower monthly costs than traditional financing.
Flexibility at the End: Choose to:
· Return the car (mileage/condition charges may apply).
· Trade it in for a new one, using any positive equity as a deposit.
· Pay the large final payment" to own it outright.
Drive Newer Cars More Often: Lower monthly costs make it easier to afford a higher-spec or newer model and switch every few years.
Large Final Payment: A significant sum is required at the end to own the car, which can be a financial strain.
Mileage Restrictions: Exceeding the agreed annual mileage leads to expensive excess mileage charges.
Wear & Tear Charges: You'll be charged for damage beyond "fair wear and tear" if you return the vehicle, requiring good maintenance.
Higher Cost: While the monthly payments are lower, the overall cost may be higher if you choose to purchase the car.
WARNING: If you do not meet the repayments on your hire–purchase agreement your account will go into arrears. This may affect your credit report, which may limit your ability to access credit, a hire-purchase agreement, a consumer-hire agreement or a BNPL agreement in the future.
WARNING : You may have to pay charges if you pay off a hire-purchase agreement early.
BMW Financial Services (Ireland) DAC trading as MINI Financial Services is regulated by the Central Bank of Ireland.
- *The optional final payment (and option to purchase fee) are payable at the end of the agreement if you decide to purchase the car. We remain the owner of the car during the agreement and we may become entitled to recover the car if you do not keep up your repayments.
- **If you part exchange the vehicle for a new MINI, any surplus in the vehicle’s part exchange value over the optional final payment (and credit completion fee and option to purchase fee) can be used as a deposit towards a new MINI.
- ***If the vehicle’s value is less than the optional final payment, you can pay the credit completion fee and hand it back to us without paying the optional final payment. However additional charges may be payable for both excess mileage (actual mileage higher than agreed contract mileage) and vehicle condition (using the standards set by the BMW Financial Service Vehicle Condition Guide). If your agreement is regulated by the Consumer Credit Act, this contractual option will be in addition to your statutory right to end the agreement early.
Car Dealer Commission Payments
- We will pay commission to the car dealer for arranging finance for you through MINI Financial Services. The commission is a fixed percentage of the amount financed. This means the higher the amount financed, the higher the commission, the lower the amount financed, the lower the commission. The dealer cannot change the commission rate or the interest rate. Please ask the car dealer or us if you would like more information about the commission we pay.