Finance FAQs

Should I buy a car on finance?

There are certain benefits to buying a car on finance, but the decision is totally dependent on your finances and your preferences.

When you take out a finance agreement, you are forming what is referred to as a ""tri-party' agreement, meaning that yourself, the manufacturer and the finance company each has a vested interest in the car until your agreement ends, regardless of how big a deposit you've paid. This can be useful should you encounter any problems, as the finance company are inclined to rectify them.

Taking out a finance agreement as opposed to buying a car outright does mean you'll have monthly payments to take into consideration, as opposed to the one initial sum when buying.

What's the difference between PCP, HP and a personal loan?

To demonstrate the differences between the three types of car finance, we've listed each one's unique features below:

Unique features of PCP

  • You can easily swap to a new car at the end of your PCP agreement
  • The monthly payments tend to be lower
  • You can encounter additional charges for going over your mileage allowance or damage
  • If you want to keep the car at the end of your contract, you'll have to pay what's referred to as a 'balloon payment', or a 'minimum guaranteed future value' - this is the remaining sum owed on your agreement
  • You don't own the car (unless you choose to buy it at the end of your agreement) - you're technically renting it

Unique features of HP

  • You own the car at the end of the agreement after the final payment
  • You have a fixed rate of interest, and fixed payments for the duration of the agreement

Unique features of a personal loan

  • You don't always need a deposit
  • Personal loans for cars tend to be less easily available - you'll need a good credit history to obtain one
  • You can't terminate the arrangement
  • You'll need to visit the bank to arrange the loan

How do I apply for finance?

Simply choose your car, you can then select the deal that suits you. Once you've found a deal that suits you, you can then apply for it all from the comfort of your own home or you can apply in store with an appointment.

How long does it take to get a financing decision?

We'll give you an instant finance decision wherever possible, but sometimes it may take longer. We'll keep you updated on your application's progress.

What information is needed when applying for finance?

During your application, we'll need your personal details, employment details, address history, bank account details and a copy of your photo driving licence. We may also require proof of address and proof income.

Why do you need my personal details?

When you apply for finance, there will be a check on your credit profile and we need your personal details to do this.

How does the finance calculator work?

Our finance calculator is designed to give you an instant estimate of your monthly costs for a PCP or an HP agreement. Our website provides quotations based on what you believe your credit score to be, to ensure you can receive a realistic quotation.

Will applying for finance affect my credit score?

When you apply for finance a lender will run a hard credit check on your credit profile. Too many hard credit checks over a short period can affect your credit score for six months, which could reduce your ability to get approved for credit.

Can I settle my finance early?

Yes you can! Whether you have a HP or PCP agreement, you have the right to end your agreement at any time by paying off the remaining balance in full. If you have paid half of the total amount payable and are up-to-date with your monthly payments you also have the right to simply hand the car back. This is known as your voluntary termination rights.

If you want to pay off your HP agreement early, you'll own the car outright but may need to pay an early settlement fee.

For a PCP agreement, the car's mileage and condition will need to be line with your terms and conditions.

Can I get car finance if I have bad credit?

It's not guaranteed; however, we work with a variety of lenders to find the right deals for our customers. We offer options for those who have had credit issues in the past - get in touch with us if you'd like to find out more.