Comprehending the various car finance options can be somewhat challenging, particularly if it's your first time entering into a finance agreement.
Let's explore the choices available for your next Honda vehicle...
There are several types of car finance to take into account, each designed to cater to different requirements.
To help you understand each financing option, we will explain the essentials of HP, PCH, and PCP finance. This way, when you're prepared to purchase a new or used Honda, you’ll be clear on which option you prefer and why. Are you ready to dive in?
Personal Contract Purchase
What is a PCP?
Personal Contract Purchase (PCP) stands out as one of the most favored financing options among customers.
This popularity stems from its flexibility and the potential for lower monthly payments compared to other financing products.
You can enter into a PCP agreement for either a new or used Honda vehicle. The Guaranteed Minimum Value (GMFV), deposit amount, and fixed monthly payments will be established after determining the mileage limit and the length of the agreement.
Hire Purchase
What is a HP?
Hire Purchase is a widely favored financing choice for many drivers; it offers the easiest and most direct way that Honda Financial Services can assist you in acquiring your new Honda.
This option is incredibly simple to navigate. Customers make an initial deposit, followed by fixed monthly payments. The interest rate and monthly payments remain constant throughout the agreement, and once the final payment is completed, the vehicle is entirely yours.