Used Car Finance

How used car finance deals work depend on the type of agreement you’ve chosen.

Some types of car finance plans are only available on new cars. Personal Contract Hire (PCH) is one example of this. If you’re buying a used car on finance, PCP and HP are your best and most common options.

Though both enable you to spread payments over a few years – usually 24 to 48 months – by making fixed payments every month, they work differently.

Finance a used car with Hire Purchase, and the process is simple.

The value of the used car is divided into monthly payments, over the term of the agreement. Make all the payments, and you own the car at the end of the term.

PCP is a different type of used car finance. You still pay in monthly instalments but at the end of the agreement the car isn’t officially yours.

To own it outright, you need to make a final optional payment, also called a balloon payment. If you choose not to, you can return the car with no further obligation, or use its part exchange value to help finance another used car. You can also re-finance the final amount.

It’s quick and easy to get a used car finance agreement with Dick Lovett.

1. First of all, choose your model from our range of latest used cars for sale. If you see a car you like, and it's available, you can choose to reserve it online from as low as £250.

2. Then, talk to us about our used car finance deals.

We’ll discuss the best option for you and agree on the type of finance, monthly repayments, length of the agreement and anything else.

3. When everything’s good to go, just arrange collection of your new used car. The contact details for all our dealerships are here.

What happens at the end of your used car finance deal depends on the type of finance agreement you have.

With a HP agreement, the car is officially yours at the end of the term, as you’ll have paid for it over the course of the plan – providing you’ve maintained the monthly payments.

If you have a PCP agreement, at the end of the plan you’ll still have one final payment to make before owning the car - the optional final payment.

This isn’t compulsory, so if you don't want to pay it, you can take out a new deal on a different car with Dick Lovett, or just choose to hand your existing car back.

You could also re-finance it, if you want to continue driving it but prefer not to make the final payment in full.

Before you choose a used car finance deal, give some thought as to what you want to happen at the end of the agreement.

Do you want the assurance of knowing the car will definitely be yours to own, or the flexibility of being able to decide the next step without that commitment?

Read more about car finance deals with Dick Lovett here and explore used cars for sale here.