Car finance from 6.9% APR | Representative APR 25.4%
Choose any dealer | Poor credit welcome
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 on a monthly basis.
Find out more about each type of finance that we offer below.
Hire Purchase (HP)
Benefits of Hire Purchase
Fixed monthly repayments over an agreed period.
As 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 plan 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 admin 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 Plan (PCP)
Benefits of PCP
No need to worry about depreciation.
Lower monthly instalments 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 return your car.
PCP enables you to pay less each month for a car of the same value than you would with a traditional HP plan.
PCP is good if:
You like to change your car frequently.
Are not bothered about owning a car outright.
Benefits of a personal loan
Own your new car from the start.
No restrictions on your car from lender.
Personal loans are not secured on the vehicle you buy. You borrow the money from a finance provider and use it to buy the car you want and can afford. You then pay the lender back over an agreed period.
Typically, you need a good credit rating to get a personal loan with a good APR and you don’t get the same level of consumer protection as you do with HP or PCP.
A personal loan is good if:
You have good credit.
You wish to sell on/make modifications to your car.
You want to buy an older or high-mileage vehicle.
Finance My Car 365 is a trading style of Hollytree Trade Sales Ltd. Hollytree Trade Sales Ltd are authorised and regulated by the Financial Conduct Authority for credit brokerage.
Our FCA number is 816196. Finance subject to status. Terms and Conditions apply. A guarantee may be required. Over 18’s only. We work with a number of carefully selected credit providers who may be able to offer you finance for your purchase.
PLEASE ENSURE YOU CAN AFFORD THE REPAYMENTS FOR THE DURATION OF A LOAN BEFORE ENTERING INTO A CREDIT AGREEMENT.
We are only able to offer finance products from these providers and they may provide an incentive to us to do so. Prices, offers and information correct at time of publishing. Finance My Car 365 is a vehicle provider and credit broker.