As you are taking a look through our stock and you’re considering making a purchase, you may be wondering what the best way will be to finance such a decision. Today, we’ll delve into each of the finance options, which should hopefully provide you with the most suitable option.
To start with, we have HP, for Hire Purchase, is almost exactly the same as the PCH except for the inclusion of the deposit payment beforehand, but in this case, you will claim full ownership of the car after the agreement, meaning that a hire becomes a purchase (hence the name). This is a strong option for drivers, because it is essentially the best of both worlds, while also being priced reasonably enough that it is feasible to enter into such an agreement.
Next, we have PCP, for Personal Contract Purchase. At Accept Car Finance we tend not to offer PCP deals. Anyway, this one is essentially a loan, and the concept consists of you not needing to pay the full value of the car, which means that you will not take full ownership of the vehicle come the end of the agreement. This is favoured by many as it brings the costs down, aside from an initial deposit that comes to around 10% of its complete value. The fact that it is a loan also relieves some of the pressure on the buyer, knowing that if the car doesn’t match their expectations, there will be a chance to change course down the road (no pun intended).
Next, there is PCH, for Personal Contract Hire. This also reduces the lower monthly payments, and focuses more on the “hire” aspect; again, you will not have complete ownership of the car. There is no deposit for this, which makes this more appealing, though the uncertainty about your control of the vehicle due to it being a hire can swing opinions in the opposite direction. But it’s still a fine option, and one that is well worth considering.
Finally, we have PL, or Personal Loan. For this option, you deal with a third party, in that you will be loaning money from your bank, your building society or another finance company, which also allows for the deposit to be lower, and for you to have 100% ownership of the car after the plan comes to an end. Of course, you will have to repay that money in the future, but it gets you through the purchase and reduces stress in the process.
All of these are great ways to finance the purchase of a used car, and you can read more by scrolling through our Finance options pages. Over 95% of our stock can be acquired on a no deposit finance deal with unbeatable low rates. Want to know more? Call us on 01925 599079.
As part of our services we deliver the car to your premises of choice within the UK. Lately we have delivered cars in most major towns including the Southern cities & midlands: (London, Birmingham, Leicester), Northern cities (Manchester, Liverpool, Sheffield, Leeds, Newcastle), and Scottish cities (Edinburgh, Glasgow).