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Looking to finance your vehicle? WE CAN HELP

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".

Use our finance calculator further down to plan how much you want to borrow with your current credit rating, and see your monthly payments and cost of credit in real-time dependent on your deposit.

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Hire Purchase (HP)

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.


  • Fixed Monthly Repayments
  • Repayment period - Normally 12-60 months
  • Deposit - Recommend a minimum of 10%
  • You'll be able to drive away a car that you may not have managed to buy outright
  • Unlike a PCP or PCH contract, you won't need to estimate your mileage at the start of your Hire Purchase agreement, so you'll avoid excess mileage charges
  • Once you've made your final monthly payment, you'll have full ownership of the car
  • Flexibility to sell/pay off early - You can end the agreement early by paying the total due. The car is then yours to sell. There may be a small charge for early repayment, but you will save on interest.

Things to consider with HP

  • Monthly payments may be higher than other finance options, such as PCP, as you're paying off the full value of the car.
  • You won't be able to sell the car without settling the finance

Personal Contract Purchase (PCP)

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.


  • Fixed monthly payments
  • Repayment period - Normally 12-48 months
  • Deposit - Recommend a minimum of 10%
  • Your monthly payments on the car will be much lower than if you were buying it
  • Monthly payments on a car financed by PCP are usually lower than if your car is financed by a Hire Purchase agreement
  • If you decide not to buy the car, you can walk away when you've made all the monthly payments (terms and conditions of your agreement apply)
  • If your car is worth more than the Guaranteed Future Value then you can use that equity towards a deposit on a new car.

Things to consider with PCP

  • If you want to buy the car you will need to pay your final balloon payment (the Guaranteed Future Value)
  • You will need to agree on an approximate mileage estimate at the beginning of your contract, if you do more mileage there will be excess mileage charges
  • You won't be able to sell the car without settling the finance

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