HP OR PCP?
What types of finance do we offer?
At Good or Bad Car Credit, we are proud to offer both Hire Purchase (HP) and Personal Contract Purchase (PCP) financing options, we have lots of lenders who will provide finance according to your profile.
We have trained staff to help our customers we understand, financial situation and vehicles are important. We handle different scenarios and will advise and work to your ambition of the vehicle and image. Applying online is quick and easy, and we’re here to guide you through every step of the process.
If you have any questions about our finance options, our experienced and friendly team is always on hand to help. Don’t hesitate to get in touch – we’re committed to providing you with the best customer service and support, ensuring a smooth and hassle-free experience from start to finish.
Personal Contract Purchase (PCP)
Personal Contract Purchase offers more flexibility than Hire Purchase. You make monthly instalments for the car, just like HP, but at the end of the term, you don’t automatically own the vehicle. Instead, you have three options to consider:
- Pay the Balloon Payment
- Return the Car
- Refinance the Balloon Payment
Hire Purchase (HP)
Hire Purchase, you pay off the vehicle finance through monthly instalments. Monthly payments are usually flexible to suit your budget and affordability. At end of term or when all payments are completed, ownership of the vehicle will be transferred to you.
- Flexible Term.
- Ownership and possible equity.
- More lenders available and broader credit files accepted.
- No final lump sum payments.
Black Box Hire Purchase (HP)
Same as Hire Purchase, you pay off the vehicle finance through monthly installments companies will assess your affordability and determine your budget. A payment reminder device is attached to the vehicle so adverse credit profiles can be approved great credit builder.
• Flexible Term.
• Ownership at end of term.
• Adverse credit files accepted.
• No final lump sum payments.
All Circumstances are Considered
No matter your credit history, we can help and find a solution for you. Our latest selection of vehicles ready to be financed.
- Low Credit Score
- No Credit History
- No Voters Roll
- Declined Elsewhere
- Discharged Bankrupt
- Provisional Licence
- European Licence
- PIP
- DLA
- Tax Credits
- CCJ's
- Defaults
- Arrears
- IVA's
- Debt Management Plan
- Tenants
- Self Employed
- Part Time
- Retired
- Under 21's
Common questions about HP & PCP
HP allows you to own the car outright after paying fixed monthly instalments over an agreed period. With PCP, you have the option to pay a final lump sum to own the car, return it, or refinance the final payment at the end of the agreement.
Yes, with PCP agreements, you’ll need to stick to a mileage limit set at the start of the contract. If you exceed this limit, additional charges may apply when you return the car.
At the end of a PCP agreement, you can return the car with no further payments as long as it’s within the agreed mileage limit and in good condition. If there’s any damage beyond normal wear and tear, you may be charged extra.
Yes, you can settle your HP or PCP agreement early. Depending on the terms of your contract, there may be a settlement fee or additional costs, so it’s important to check the terms with your finance provider.
Most HP and PCP agreements will require a deposit, typically around 10% of the car’s value. However, the amount can vary, and we offer flexible terms to suit your budget. We also do zero deposit finance.