Buying a car on Finance: your options compared
Monthly payments | Deposit required | Do you own the car? | Mileage limit | Damage charges | |
---|---|---|---|---|---|
Hire Purchase (HP) | Higher | No | Yes - at end | No | No |
Personal Contract Purchase (PCP) | Lower | No | Optional | Yes* | Yes* |
Personal Contract Hire / Leasing (PCH) | Lower | Yes | No | Yes | Yes |
*Only if the car is returned or traded in