This calculator is an illustration only and is not a finance offer, quote, or a recommendation. It assumes a fixed APR and equal monthly payments and does not include lender fees (such as an option-to-purchase or documentation fee) which may apply. Your actual monthly payment, APR and total cost depend on the lender, the vehicle, the agreement, and your personal circumstances and credit history.
MotifyMe® is an Introducer Appointed Representative of Presto Finance Ltd. We introduce customers to vehicle finance providers and do not provide finance or financial advice. Always check the full agreement before signing.
Deciding how to finance your next car? Read our HP vs PCP guide to compare your options.
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Apply for vehicle finance →HP vs PCP: what's the difference?
With Hire Purchase (HP) you spread the full cost of the car (minus your deposit) over the term, and you own it outright once the last payment is made. Monthly payments are usually higher, but there's nothing to pay at the end.
With PCP, part of the car's value is deferred to an optional final payment (sometimes called a balloon or guaranteed future value). Monthly payments are usually lower, but at the end you choose to pay the final payment to keep the car, hand it back, or part-exchange.