What's the difference between PCP and HP with zero deposit finance?

Great question! With Personal Contract Purchase (PCP), your monthly payments are typically lower because you're only paying off the depreciation of the car, not the full value. At the end of the agreement, you'll have three options: make a final balloon payment to own the car, hand it back with nothing more to pay, or use any equity towards your next car. There are mileage limits to be aware of, though.

With Hire Purchase (HP), you're paying off the full value of the car over the term, so your monthly payments will be higher. However, once you've made your final payment, the car is yours outright with no balloon payment and no mileage restrictions. Both options are available with zero deposit – we'll help you figure out which one suits your needs best!