PCP v HP: Which Finance Option Is Right For You?

Thinking about changing your car but unsure about finance options?
You’re not alone. Many customers tell us they’re confused by the different types of finance available, so we’ve put together this simple guide to help.

Why Finance a Car?
Car finance allows you to spread the cost of your next vehicle into manageable monthly payments rather than paying the full amount upfront.

Benefits include:

• Drive a newer, higher-specification vehicle
• Fixed monthly payments to help budgeting
• Keep your savings available for other priorities
• Flexible deposit options available - including Zero Deposit where you can drive away today with nothing to pay
• Access to a wider choice of vehicles

For many customers, finance makes upgrading to a better vehicle more affordable than they think- plus, for a limited time we're offering a £500 finance contribution with every car purchased! 

 
What’s the Difference Between PCP and HP?

PCP (Personal Contract Purchase)

PCP is designed to keep monthly payments lower.
At the end of the agreement, you have three options:
1. Return the vehicle
2. Part exchange it for another vehicle
3. Pay the optional final payment and keep it

PCP is often popular with customers who like changing their vehicle every few years and want lower monthly payments.

HP (Hire Purchase)
HP is more straightforward.

You pay an agreed deposit and fixed monthly payments over the term of the agreement.
Once the final payment has been made, the vehicle is yours.
HP is often chosen by customers who intend to keep their vehicle long-term and want to own it outright at the end.

Which Option Is Right For You?
If you like changing your car regularly and want lower monthly payments, PCP may be the better option.
If your goal is outright ownership, HP could be the right choice.

Our finance specialists can explain both options and help find the solution that best suits your budget and lifestyle. You can also do a free, no-obligation finance eligibility check on our website now by clicking here - it won't affect your credit score!

With over 1,100 premium used vehicles in stock, including a huge selection of electric and hybrid models, there’s never been a better time to explore your options.

Plus, if you buy, you can enter our World Cup Competition where one lucky customer will win a guaranteed £2,000!

Visit us in-store, check out www.cartime.co.uk, call 0161 885 0676 to speak to our team today to explore our range. We’re open 7 days a week!