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Financing A Used Vehicle

Wondering what finance options are available?

Car finance isn’t just for new vehicles, there are funding options for used cars too. See the range of finance products below to see which one suits your needs.

What are your options?

Just because it’s a used vehicle, doesn’t mean you have to arrange how to fund it on your own. We’re here to offer some helpful advice.


When choosing which finance product suits you it’s important to consider if you want to own the vehicle at the end or are happy to decide this later, how many miles you plan to drive and what you can afford. This makes the whole process a lot easier. 


Scroll below to learn more about the two most popular finance products for a used vehicle, Personal Contract Plan (PCP) and Hire Purchase (HP).


Personal Contract Plan (PCP)


PCP is a very popular way of financing new and used vehicles. It ultimately allows you to drive the vehicle and decide later on in your agreement if you want to own the vehicle, or gives you options to hand back or upgrade to a new vehicle, sooner than you might have thought.

You simply choose:

  • Your deposit
  • Your repayment term (length of agreement)
  • Your annual mileage

If you decide you want to keep the vehicle at the end, there is a larger final payment, often called a ‘balloon payment’ that you have to make- this helps keep the monthly payments lower throughout your agreement compared to a Hire Purchase agreement.

Learn more about PCP here.

Hire Purchase (HP)

Hire Purchase is the simplest of car finance options, and works similarly to a personal loan, however, it is secured just against the vehicle.

You put down a deposit (often around 10% of the vehicle cost), then you spread the cost of the vehicle, plus any interest equally over the length of the agreement that you have chosen. After all the payments have been made the vehicle is yours!

Learn more about Hire Purchase here.

See VWFS' full range here.



Now you know what finance product is best for you, it's time to find your dream car...

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