You don’t need to just get finance on a brand new vehicle. We can help you get finance on a used car to spread the cost of your vehicle.
Discover the types of loans you can get for a used car and find a plan that works for you!
What is used car finance?
Used car finance can make funding your vehicle more affordable by paying for it each month, rather than with an upfront lump sum.
The two main types of finance for used cars:
- Hire Purchase HP: A common option to paying for second-hand cars on finance. This finance type splits the cost into smaller more manageable payments to be paid off in a set time, with interest. Once the agreement comes to an end, the vehicle is yours.
- Personal Contract Purchase PCP: This agreement allows you to pay monthly, however instead of the car’s total value, you pay for the depreciation (the difference between what the car is worth now and at the end of the contract). A final ‘balloon’ payment is then due at the end of the agreement.