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Car finance
Explained.

To understand which car finance product is right for you depends on how long you’re likely to keep the car, your current credit score and how much you can afford to repay over a monthly basis.

Find out more about each type of car finance that we offer
below:

What type of car finance is right for you?

Hire Purchase (HP):


How hire purchase (HP) works:

Benefits of Hire Purchase:

Fixed monthly repayments over an agreed period.

At the title suggests, you hire the car from the finance company, taking responsibility for it and making monthly payments until you have paid the total amount owed. You are the registered keeper of the vehicle throughout the payment purchase and then at the end of the repayment period, you have the option to take ownership of the car.

As you've paid off the cost of the car by this point, all you pay is a small option to purchase fee. This could be anything from £1 - £299+.

HP is good if:

You want fixed monthly repayments.

You might like to own the vehicle long term.

Personal Contract Purchase (PCP):


How Personal Contract Purchase (PCP) Work:

Benefits of Personal Contract Purchase:

No need to worry about depreciation.

Lower monthly installments for a better car.

With PCP you are only paying for part of the total amount due and have the choice to return the car at the end of your repayment period. You still pay monthly instalments to the finance company as with other forms of credit, but at the end of the repayment period, you can pay a lump sum, (commonly known as a balloon payment) which will be higher than the monthly repayments you have been making.

PCP enables you to pay less each month for a car of the same value than you would with a traditional HP purchase.

PCP is good if:

You like to change your car frequently.

You are not bothered about owning a car outright.

Set Your Budget

My Credit Score is:

Amount to Borrow

To pay back over

£500

£75,000

Best available APR

9.50%

Total repayment

£3,075

Total cost of credit

£575

48 monthly Payments

£64.06

My Credit Score is:

Amount to Borrow

£500

£75,000

To pay back over

£500

£75,000

48 monthly Payments

£64.06

Best available APR

9.50%

Total repayment

£3,075

Total cost of credit

£172.50

Representative Example:

Lenders will work out your monthly repayment based on the income and expenditure calculations they carry out. They will do this in order to ensure that you can afford the monthly repayments and provide you with a max lend amount. You do not need to take out the full amount if it is not your preferred budget, please contact our team for more information.

Automotive Online Ltd t/a Quick Car Finance is a credit broker which is authorized and regulated by the Financial Conduct Authority, registration number 764855 Our rates start from 9.4% APR. The rate you are offered will depend on your individual circumstances. 

Representative Example: Borrowing £8,200 over 60 months with a representative APR of 21.9%, the amount payable would be £217.10 a month, with a total cost of credit of £4,826 and a total amount payable of £13,026

 
CONTACT US
  • Quick Car Finance
  • 315-317 Wallisdown Road,
  • Bournemouth, Dorset BH12 5BT
  • 01202 286500
  • info@quickcarfinance.com


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