Finance Calculator
Work out your monthly payment in seconds
Adjust the price, deposit and term below to compare Hire Purchase and PCP — then apply for a no-obligation, soft-search decision.
Finance Calculator
Term
Estimated monthly payment
£282/mo
- Representative APR
- 9.9%
- Amount financed
- £18,000
- Optional final payment
- £10,150
- Total cost of credit
- £5,708
- Total repayable
- £25,708
Representative example for illustration only, not a credit offer. Rates depend on individual circumstances. Prestige Cars London is a credit broker, not a lender.
Get My Finance DecisionHP vs PCP
Which finance option is right for you?
Hire Purchase (HP)
Buyers who want to own the car outright at the end
- Fixed monthly payments across the whole term
- You own the car once the final payment is made
- No mileage limits or end-of-term inspection
- Usually lower total cost of credit than PCP
Personal Contract Purchase (PCP)
Buyers who want lower monthly payments and flexibility
- Lower monthly payments than HP on the same car
- Optional final 'balloon' payment to own the car
- Or hand the car back / part-exchange at the end
- Mileage allowance applies during the agreement
Not sure which is right for you? Our finance team can talk you through both options and find the best fit for your budget, with no pressure to decide today.
Common questions
Car finance FAQs
Will checking my eligibility affect my credit score?
No. Our initial eligibility check uses a soft search, which is invisible to lenders and has no impact on your credit score. A hard search only happens if you choose to proceed with a full application.
What credit score do I need for car finance?
There's no fixed minimum. Our panel of lenders covers a wide range of circumstances, including first-time buyers and those rebuilding their credit history. The figures shown here are representative examples; your actual rate depends on your individual circumstances.
What's the difference between representative APR and my rate?
Representative APR means at least 51% of successful applicants are offered this rate or better. Your personal rate depends on your credit profile, income, and the lender's assessment, and may be higher or lower.
Can I pay off my finance early?
Yes. Under the Consumer Credit Act, you can settle your agreement early at any time. You may receive a discount on the remaining interest, and an early settlement figure will be provided by your finance provider on request.
What happens if I exceed my PCP mileage allowance?
PCP agreements include an agreed annual mileage. Exceeding it incurs an excess mileage charge, specified in your agreement, if you hand the car back or part-exchange it rather than paying the final balloon payment to keep it.