Hire purchase
You pay a deposit and then equal monthly payments across the term. Nothing is left to pay at the end and the car is yours once the final payment clears. Monthly payments are usually higher than PCP for the same car and term.
Finance
Hire purchase and PCP on a used electric car, in plain English.
Representative example
9.9% APRrepresentative
- Cash price
- £20,000
- Deposit
- £2,000
- Amount of credit
- £18,000
- Term
- 48 months
- Monthly payment
- £455.66 × 48
- Total charge for credit
- £3,871.68
- Total amount payable
- £23,871.68
The EV Collection is a credit broker, not a lender. We can introduce you to a limited number of finance providers.
The EV Collection is authorised and regulated by the Financial Conduct Authority. Financial Services Register number 000000.
How we are paid
We receive a commission from the lender when you take finance through us. The amount varies by lender and product, and in some cases is a fixed fee. It does not change the price of the vehicle. You can ask us for the amount of commission on your agreement at any point before you sign, and we will tell you.
Finance is subject to status and affordability checks. Rates depend on your circumstances and the vehicle. You must be 18 or over and a UK resident. Written quotations are available on request.
Work out a figure
This is an illustration, not a quote or an offer of credit. Your actual rate and payment depend on your circumstances and the vehicle, and are confirmed by the lender.
£24,995
10% · £2,499.50
48 months
Illustration only
£569.46 per month
- Amount of credit
- £22,495.50
- Total charge for credit
- £4,838.58
- Total amount payable
- £29,833.58
HP or PCP?
PCP
Part of the car's value is deferred to a final optional payment, so the monthly figure is lower. At the end you can pay that balloon to keep the car, hand it back, or part exchange. Mileage limits apply and going over them costs extra.
What lenders look at
- Your credit history and current commitments.
- Affordability: income against outgoings, not just the credit score.
- The deposit and the term you want.
- The age and mileage of the vehicle at the end of the agreement.
Applying does not oblige you to go ahead. Ask us for a written quotation at any point.