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PCP is based on the car’s predicted future value, which helps keep monthly payments manageable. You pay a deposit, fixed monthly instalments, and a final optional payment if you choose to keep the car.
You choose your deposit, annual mileage and agreement length. Monthly payments cover the vehicle’s depreciation. At the end of the agreement, you can return the car, pay the final value, or part‑exchange it.
PCP offers lower monthly payments, flexible end‑of‑term choices and the ability to change your car more often. It suits drivers who value affordability and predictable budgeting.
Think about your annual mileage, how long you plan to keep the car and whether you prefer flexibility at the end of the agreement. Also, exceeding mileage limits may incur additional charges.
Yes, you can settle a PCP agreement early. Your finance provider will give you a settlement figure, allowing you to pay off the remaining balance whenever it suits you.
You pay a deposit followed by equal monthly instalments. Once the final payment is made, the vehicle becomes yours with no additional fees or final lump sum.
HP divides the total vehicle price into fixed payments. There’s no large final balloon payment, making it ideal for drivers who want long‑term ownership without end‑of‑agreement decisions.
HP offers simple budgeting, fixed payments and guaranteed ownership at the end. It suits drivers who want clarity, stability and full ownership without mileage restrictions.
Monthly payments are usually higher than PCP because you repay the full vehicle cost. However, there are no mileage limits or end‑of‑term decisions to manage.
Yes, HP agreements can be settled early. Your finance provider will supply a settlement figure, allowing you to clear the balance whenever you choose.
A PML is separate from the vehicle itself, meaning you own the car from day one. The loan is repaid directly to the lender through fixed monthly payments.
You apply for a loan based on your credit profile. Once approved, the funds are used to purchase the vehicle. You then repay the loan through fixed monthly instalments.
A PML offers immediate ownership, flexible loan terms and the freedom to choose from a wide range of vehicles. Payments remain fixed throughout the agreement.
Interest rates vary depending on your credit profile. Because the loan is unsecured, monthly payments may be higher than other finance options.
Yes, most lenders allow early settlement. You’ll receive a settlement figure, and paying early may reduce the total interest you pay.
