September 23, 2020 at 10:27 AM

The number of people choosing to buy a used car on finance is steadily increasing. In the UK, a total of 2.35 million cars were bought on finance in 2017 and 1.36 million of those were used cars showing a 6% increase on the previous year.

PCP (Personal Contract Plan) was the most popular finance product chosen by UK car buyers in the past twelve months. If you've decided that financing your next used car is right for you, here's why you should choose to apply with Motor City Plymouth:


When you finance a car from us, you have the choice of three different finance options: PCP, HP (Hire Purchase) or Lease Purchase. Our dedicated finance specialists can advise which option is best for you based on your circumstances, but here is a brief overview of each product:

PCP - At the start of the agreement, the car is given a Guaranteed Minimum Future Value (GMFV). You decide how much you want to put down as a deposit. The GMFV and your deposit is taken off the value of the car and the remaining amount to pay is spread across a maximum of 48 months. When you have made all your monthly payments you can choose to pay the GMFV (also referred to as the balloon payment) and own the car; use any difference between the GMFV and the car's actual value to start a new finance agreement or hand the car back and walk away.

HP - The biggest difference between HP and PCP is that at the end of the agreement, you will own the car. HP payments are typically higher per month because there is no balloon payment at the end. You decide how much you want to pay as a deposit and that amount is taken away from the value of the car. The remaining amount to pay is spread across a maximum of 60 months. Once all the monthly payments have been made, you will need to make a final nominal payment (typically around £10) to become the owner of the car.

Lease Purchase - This is a combination of PCP and HP options. It's a form of conditional sale agreement where the regular payments are similar to a lease/rental agreement but you'll own the car at the end of the deal. At the start of the agreement, the car is given a GMFV. You will need to make an advance payment at the start of the agreement (a set number of monthly payments similar to a deposit). The GMFV and your advance payment is taken off the value of the car and the remaining amount to pay is spread across an agreed term. The key difference between a lease purchase and PCP agreement is that the GMFV must be paid on a lease purchase agreement and you will own the car.


Whatever finance option you decide is best, we can offer zero deposit options if you don't have a car to part exchange or any cash to use up front. Similarly, you might be surprised with how low and manageable a payment plan from Motor City Plymouth is. You never know, you might be able to afford a more expensive car than you first thought.


The loan for each finance agreement is secured against the car, with the vehicle itself being used as collateral. Therefore, the risk of granting finance for the lender is lower than it would be with an unsecured personal loan. If you default on a finance payment using one of our products, the car will be taken away. This is often a safer option than getting a traditional loan from a bank.


We work with over 30 of the UK's top lenders, all specialising in offering competitive fixed interest used car finance, including MotoNovo, Moneyway, Blue Motor Finance and Close Brothers Motor Finance.


A selection of our lenders offer special finance packages such as 'Buy Now, Pay Later' so that you can take advantage of a two month payment holiday at the start of your agreement. This offer is perfect if you're approaching an expensive time of year (e.g. Christmas), but you still need a new car.

When you choose MotoNovo as your finance lender you also gain access to exclusive discount shopping across over 200 brands and retailers. You can receive money off everything from groceries and clothes to holidays, days out and experiences.


Not sure if you'll be accepted for used car finance, we've got a free credit eligibility checker on all of our vehicle listing pages.


When you find the perfect car from our selection of over 150, you can use the finance calculator on the vehicle listing page to adjust the deposit and repayment terms to reach an affordable monthly payment within your budget.


Some of our lenders specialise in helping customers with poor credit ratings and those who have struggled taking credit out in the past. We can create a bespoke credit option based on your credit profile to give you the best chance possible to get behind the wheel of your next car. Our online car finance facility has been specifically designed for customers with a poor credit history to find a car within their monthly budget.


You've found the right car, checked that you're eligible for credit and adjusted the terms of your finance agreement to fit within your monthly budget. You're now ready to apply for finance by telling us your name, contact information, preferred deposit, monthly budget and the car you're interested in. Our finance specialists can take this information and start the process of your finance application.

Browse our used cars to find your next vehicle and see how easy it is to start a new finance agreement at Motor City Plymouth.