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Car finance gives you a way to buy a car when you don't have the cash to pay upfront. Deciding how to finance your car is an important decision many of us need to make. The guide below will talk about the two most popular car finance products "PCP - Personal Contract Purchase" and "Hire Purchase".
If you choose to pay for your car with a Hire Purchase agreement, you will normally pay an initial deposit and will pay off the entire value of the car in monthly instalments. When all the payments are made, the Hire Purchase agreement ends and you own the car.
Personal Contract Purchase (PCP) is similar to a Hire Purchase agreement as you will usually pay an initial deposit, followed by monthly instalments. What's different with PCP? Your monthly instalments are only paying off the depreciation of the car, rather than the entire value of the car.