Finance is one of the most popular ways of getting behind the wheel of a second-hand car and it’s a way of helping to spread the cost of a vehicle over a longer period, chopping that total payment up into more manageable chunks. Here at Auto Sportiva, we offer finance on all of our cars, so if you’d like to find out more about the cars we currently have in stock, then get in touch today.
But what is car finance, what is the point of it and how could it work for you? In this article, we’re going to be checking out everything you need to know about how to buy a second-hand car on finance in 2025.
Types of finance
We offer two types of finance options for buying a car here at Auto Sportiva - PCP - or Personal Contract Purchase - and HP or Hire Purchase. These two different packages are similar in many ways but differ in a few key areas. Let’s take a look in more detail.
PCP
PCP, or Personal Contract Purchase - is a way to spread the cost of a car over a set number of months. You’ll agree on this with us, along with a yearly mileage limit and the amount of deposit you’d like to spend on the. This deposit is usually made up of a set number of months’ worth of payments and is absorbed into the overall agreement - you don’t get it back at the end.
Once you’ve come near to the end of your finance agreement, you’ll have the option to pay a final ‘balloon’ payment to own the car outright or you can hand the car back and the agreement will be over. You’re then free to finance a new vehicle or step away entirely.
HP
Hire Purchase - shortened to HP - is a way of owning a car outright but spreading those payments in a similar way to PCP. Here, you’ll still pay a deposit but your monthly payments may be higher compared with PCP, simply because you’re paying off the entirety of the vehicle’s amount.
At the end of the agreement, you’ll legally own the car outright and won’t have to make any further payments. At this point, you can always sell the vehicle should you want to, or keep driving it without any further monthly payments.
Finance calculator
If you’d like a basic idea of how much you’ll need to pay each month to finance a new vehicle, we’ve got a handy finance calculator which can give you an estimate. You’ll find it on all of our new vehicle pages and with it, you can get an outline of what an agreement might look like.
Remember, however, that this isn’t a concrete example and your true agreement could be slightly different from this initial calculation.
Information needed to set up finance
You’ll need to have some key information to hand before we’ll be able to set up a finance agreement. Once you’ve found a car that you like, we’ll need some employment details, your current and past addresses, bank account details and your driving licence.
We’ll need all of these pieces of information to process a finance agreement, so make sure you’ve got together before you arrive.
Can a finance check affect my credit score?
When putting together a finance agreement, the provider will run what is called a ‘hard check’ over your credit score. It’ll take into account your financial history and give the lender a clearer picture.
This impact could last for up to six months and could make getting approved for credit in the future harder, however by submitting an Instant Finance Check on our website, this works as a soft search, which does not affect your credit score.
What happens if I damage my vehicle
Accidents happen from time to time and they can occur to a financed vehicle too, of course. Thankfully, here at Auto Sportiva, we’ve got something called ‘Shine!’ which is a smart repair service. If your car picks up some cosmetic damage, you can contact Shine to come and sort it - whatever the issue is.
At Auto Sportiva, we’ve got plenty of cars available to check out and we’ll be able to find a finance package to suit your finances. To browse our current stock, sort a finance calculation or find our contact details, head over to the website today.
