Used Car Finance
At Waters AutoPlanet our low prices and competitive finance rates give you the benefit of getting a lot more car for your budget.
You can choose between two finance solutions Hire Purchase (HP) or Personal Contract Purchase (PCP).
We offer you:
- Competitive rates
- A simple application
- Dedicated finance specialists for further help
- Access to a number of major UK lenders
Hire Purchase (HP)
This is the most common type of car finance. With HP, you pay off the entire cost of the car over the repayment period. People typically choose this type of financing if they want to own the car after the payment period.
The most straightforward type of car finance.
- Fixed monthly payments make budgeting easy
- Loan periods vary from 12-60 months
- Interest rate is fixed from day one
- Early settlement of the loan is allowed
- Flexible deposit amounts available, depending on your credit history
- Some lenders charge a small setup fee which is normally added to the first monthly payment
- Minimum Loan of £1500 subject to status and lender
Personal Contract Purchase (PCP)
This is a newer and increasingly popular way to finance your car. With PCP a part of the amount financed, the final payment, is delayed until the end of the repayment period which means your monthly payments are lower.
The two main benefits of PCP are:
1) For a given finance period, the monthly payments are typically lower than with HP financing. As a result, for a given monthly payment budget, you can purchase a more expensive car.
2) If at then end of the finance period your car is worth less than the Guaranteed Minimum Future Value you can hand back the car and walk away. If your car is worth more than the GFV you can sell or trade in your car and use this money to pay the final payment and use the rest as a deposit on a new car.
People typically choose this type of financing to minimise monthly payments.
A PCP allows lower monthly payments than an HP agreement, because a portion of the loan is set aside until the end of the loan agreement.
- Flexible deposit amounts available, depending on your credit history
- Fixed monthly payments for easy budgeting
- Deferring a part of the loan until the end keeps monthly payments low
- Provides the reassurance of a Guaranteed Minimum Future Value
- At the end of the contract you have three choices:
- Take ownership by making the final payment
- Hand the car back with nothing more to pay
- If the car is worth more than the GFV, use this equity as a deposit for a new model
- Loan periods vary from 12-60 months
- Interest rate is fixed from day one
- Early settlement is allowed
- Minimum loan of £2500, subject to status
- Some lenders charge a small setup fee which is normally added to the first monthly payment
- Maximum age of car at end of finance agreement 7 years
- Maximum mileage of vehicle at end of contract 100k
