Finance with Save On Used Cars

At Save On Used Cars, whatever the price of the car you’re buying we realise that getting the right finance package that suits your budget is as important as the car you’re buying.

That’s why we work hard to ensure that we have the most competitive and easy to understand finance options available. Below are some of the options available with a brief explanation, if you would like to discuss any of these options in further detail please give us a call today or use the finance enquiry button above.

Save On Used Cars Ltd is a Credit Broker not a Lender and can introduce you to a limited number of lenders and finance products to assist with your vehicle purchase. Occasionally, we may need to use the services of a credit broker - we will advise you if this is applicable. We are not an independent financial advisor and do not make recommendations, however, we will provide you with information on products which may suit your requirements based on information you disclose, to assist you in making an informed decision on your purchase. Please see our Initial Disclosure Document for full details.

Hire Purchase or Personal Contract Purchase

We offer you the choice of a Hire Purchase or Personal Contract Purchase finance agreement. Both agreements can be created for car finance deals with no deposit. Which is best for you depends on your individual circumstances. We’ll explain the main differences below to shed clarity on the matter:

Hire Purchase (HP)

Hire Purchase agreements are a type of credit where once you have paid the total loan amount, you own the vehicle. During the loan term, the financer owns the vehicle. Once you repay them in full, ownership passes to you. Typically, Hire Purchase agreements have higher monthly payments because you are repaying the total car amount. With a Personal Contract Purchase, you repay only part of that amount.

Personal Contract Purchase (PCP)

Personal Contract Purchase agreements are a type of credit where you pay off instalments to cover part of the cost of a car. Once you have paid off the amount as set out in the agreement, you hand the car back to the owner, who is the financer. Alternatively, if you want to keep the car, you can refinance the remaining cost of it. This is called the balloon payment. It is based on the guaranteed future value (GFV) of the car.