Which car finance option is best for your needs?
There are a range of options available to help you finance your car:
If you're looking to buy a new or used vehicle, we have a number of options available to you when it comes to raising the funds.
The information below helps you to understand what finance options are available. Remember, with any finance agreement, you're committed to making repayments of the agreed amount over the term of the loan.
That's why it's so important to ensure that you get the most appropriate finance option for you, one where you can comfortably afford to meet the repayments on your car and at a cost-effective price.
Personal Contract Purchase (PCP)
You will usually pay an initial deposit, followed by monthly payments. At the end of your payments, a final payment remains. You can either pay this in order to buy the car, part exchange for a new car or hand the car back.
Personal Contract Hire (PCH)
You take control of the car for a contractual period. You make fixed monthly payments and when the contract expires you return the car, or take out a new contract on a new vehicle.
Hire Purchase (HP)
You normally pay a deposit and then monthly payments, which are set by you. Once the final payment is made, the HP contract ends - and you own the car
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