Car Finance

The term car finance covers several types of financial products you can take out when purchasing a car. Most deals require an initial deposit followed by set monthly payments.

By spreading the cost over time, it’s a great way to avoid paying for a car all in one go. Much like other types of loan, interest rates tend to apply, as well as extra fees.
Types of finance available
With PCP finance, you pay an initial deposit, followed by monthly instalments, but a large portion of the loan is deferred until the end of the agreement. You can pay that final sum to own the car, hand it back or start another agreement.
With HP, you pay a deposit up front, and then pay off the rest of the balance – plus the interest – in equal monthly instalments. You’ll pay an ‘option to purchase’ fee, then the car is yours at the end of the agreement.
PCH is another way to finance a car. It’s technically a method of leasing a car rather than buying it. You pay a deposit and monthly instalments, which may be lower than some other finance agreements, but you never own the car.
With CS, you can spread the cost of a vehicle over the course of one or several years and will have bought the vehicle by the end of the contract. There isn’t usually an ‘option to purchase’ fee, you’ll just automatically own the car once finance has been fully repaid.
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