We offer incredible, affordable packages, whether you are in the market for a new or used car, so you can drive away happy.

Choosing The Right Payment Option

Getting car finance can be daunting with so many different options to choose from so it’s essential that you choose the right deal for you. Here at Get Car, we offer different types of car leasing making sure there is something for everyone. You can choose from either a personal contract purchase (PCP) deal or a Hire Purchase (HP) deal.

PCP Deals

A PCP car finance deal is perfect for you if you like changing your car regularly but don’t want to be paying over the odds each month. This flexible deal is basically just a loan that helps you get a car. However, the only difference is you wont be paying off the full value of the car and you will not own the car by the end of the deal. A PCP deal can be broken down into three parts.

First off, there is a deposit you may need to pay. A 10% deposit is usually recommended in order to keep your monthly payments affordable, however, Get Car Finance Here also offers no deposit deals. Deposits usually range from £500-£2,000 unless you are buying a brand new car and it may be more, it is best to get together as much as you can as the loan will be cheaper and your monthly payments will not be as high.

The amount you borrow will depend on the APR and the price of the car. PCP deals usually have lower monthly payments as you will not own the car at the end of the term. The monthly payments can also depend on how many miles you do a year so if you’re someone that travels a lot, an HP deal may be better for you.

As mentioned, a PCP deal means you will not own the car at the end of the contract. You do however, have an option to pay a balloon payment if you do decide you want to own the car. This is usually the value of the car at the end of the deal. You will be told the balloon payment when you start the contract. This payment is optional, you only need to pay this if you want to keep the car, otherwise you simply hand the car back to us at the end of the contract.

HP Deals

If you’re not too sure about the idea of not keeping the car at the end and don’t think you could afford the balloon payment at the end of the term, a HP deal may be the deal for you. A HP deal is similar to a personal loan, however, there are two differences to a standard loan.

Firstly, with a HP deal the car is still the finance companies until the loan is paid off. Unlike when you get a personal loan and buy the car with it you will own the car, even if the loan is not paid off yet.

The other difference is that the debt is secured against the car. This means, if you cannot afford the monthly repayments the finance company has the right to repossess the car in order to help pay off the debt. This can sometimes mean that if someone has been refused for a normal loan they may be able to be accepted for a HP deal. Like PCP deals we may ask for a deposit, this will also lower the monthly payments.

With a HP deal you will own the car at the end of the contract, this means the monthly payments can be higher then those of a PCP deal as you are paying off the full value of the vehicle and the APR, however you will not have to pay a large balloon payment. Remember, you cannot sell the car until all the payments are paid off as the finance company owns the car unless you contact your finance company and ask to sell the vehicle to pay off the rest of your loan. Get Car Finance Here offer car finance deals with low APR, why not take a look at our low APR deals?

If this is your first time getting car finance and you’re a young driver, take a look at our car finance for first time drivers.

If you’d like more information on our leasing and finance deals, please do not hesitate to give us a call on 0333 305 9271 or 0808 159 6507 and a friendly member of staff will be more than happy to help. Alternatively, if you’d like to apply for finance with Get Car Finance Here, you can apply for car finance online.