Woman handing man car keys

Finance Guide

What finance options do I have with my new car?

PCP (PERSONAL CONTRACT PLAN)

The most popular way  to fund your new vehicle with monthly payments. Fixed monthly payments to suit you with an array of flexible choices.

 

HP (HIRE PURCHASE)

The classic way to finance your vehicle. With HP, each month you pay off the cost of your vehicle with interest. Hire Purchase is the ideal finance choice if you wan to own your car at the end of the agreement. 

 

PCH (PERSONAL CONTRACT HIRE)

A form of vehicle leasing; allowing you to take out a vehicle for a set period of time, you pay an initial rental payment with fixed monthly payments. At the end of the agreement, you do not own the vehicle and must return to the dealership.

What happens at the end of the PCP agreement?

Option 1 - Drive away in a new car

If the vehicle is worth more than the Optional Final Payment amount, you could part exchange your vehicle by putting the difference towards a deposit on a new car.

 

Option 2 - Return your car

Simply return your car in a good condition, within the agreed mileage limits, and pay nothing.

 

Option 3- Keep you car

Pay the Optional Final Payment and be transferred ownership of the vehicle.

 

Benefits of HP

  • The interest rate charged on the finance will remain unaffected by any future changes in interest rates.
  • The initial payment is flexible 
  • Agreements can range from 12 to 60 months
  • The higher your deposit, the less interest you will pay

What happens at the end of the HP agreement?

After all, payments have been made (including the Option to Purchase Fee), ownership of the vehicle is transferred to you.