9.9% APR RepresentativeFrom a large panel of lenders, we’re able to give you our lowest rate possible. Every deal we offer is calculated using 9.9% APR representative, subject to status.
Representative exampleTotal amount of credit £15,000, advance payment £0. Term 48 months. Representative fixed APR of 9.9%. Total charge for credit £3,082.00. Total amount payable £18,072. Payable by 47 payments of £376.50, followed by one final payment of £386.50 to include a £10 option to purchase fee.
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Types of Finance ExplainedYou can search for your next car and then purchase it from Payment Swap using either conventional Hire Purchase (HP) or Personal Contract Purchase (PCP)
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Hire Purchase (HP) |
Personal Contract Purchase (PCP) |
What is it? |
If you choose to buy a vehicle under a Hire Purchase (HP) Agreement, you enter a contract where you would pay for the vehicle in parts. This is calculated by the value of the vehicle along with the interest added and divided into pre-determined amounts. It is different from a traditional loan, this is because you do not own the vehicle until the loan has been paid off. The debt is secured against the vehicle, this means when you are not allowed to sell it until the debt has been cleared. |
Personal Contract Purchase (PCP) is an increasingly popular choice for car finance. It offers the best in flexibility at the end of the agreement, together with low, fixed monthly payments.
At the beginning of the agreement your car's guaranteed future value is calculated, based on an agreed mileage and age. This is deferred as a final 'balloon' payment. |
What happens at the end |
You are borrowing money for the vehicle and the loan is secured against it. When you have paid all the finance owed, the car is yours. HP car finance would be a suitable option for you when you know you’ll be keeping the vehicle for a while. |
With PCP, you don't have to commit to buying the car at the outset. You use it for an agreed period, 24-48 months, then decide at the end of this period what you would like to do. Choosing to pay for your vehicle this way often means you can drive a higher specification vehicle for a lower monthly payment.
You have four options:
1. Buy the car by paying an agreed minimum residual value
2. Part-exchange the vehicle for another
3. Sell the vehicle privately (settling the balloon)
4. Subject to mileage and condition, return the car with nothing more to pay (e.g. if depreciation resulted in negative equity)
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Benefits |
Low deposit - keeps valuable personal cash available
Control - you decide the deposit, you decide the term
Fixed monthly payment - makes budgeting simple
Flexibility - doesn't compromise your other lines of credit
Assets - you gain ownership of the car |
Low risk - A minimum future value is guaranteed
Low deposit - keeps valuable personal cash available
Low fixed monthly payments - perfect for budgeting
Choice - Buy the car, part-exchange it or just return it
A better car - lower payments can help you choose a higher specification car |