Useful Information
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Car and Van Finance

Here at P W Millar ltd have a dedicated team of finance experts waiting to help with your enquiry. Whatever your budget we can help make owning your new car or van affordable.

We have long standing relationships with specialist motoring finance providers who will be able to provide you with the best PCP & HP Car finance option.  We have helped hundreds of customers secure the best finance deal for their budget.

Our expertise with finance means that even if you have a poor credit rating we can help arrange finance for you.

We have a FREE FINANCE CHECK option on each cars page.  It's fast and easy to find out your eligibility for motor finance. We use a soft check, which means there's no impact on your credit rating.

Below are the explanations of what PCP & HP vehicle finance are:

Personal Contract Purchase (PCP)

Personal Contract Purchase is highly attractive and increasingly popular. It combines low, fixed monthly payments with exceptional flexibility at the end of the agreement.

Your car's guaranteed future value is calculated (based on agreed mileage and age) and becomes deferred as a final payment (balloon).

PCP is ideal if you're opting out of a company car scheme. You use your company car allowance to fund your PCP monthly payments without paying company car tax. Either:

  • Buy the car by paying an agreed minimum residual value
  • Or, subject to mileage and condition, return the car with nothing more to pay (e.g. if depreciation resulted in negative equity)
  • Part-exchange the vehicle for another
  • Sell the vehicle privately (settling the balloon)

Hire Purchase (HP)

Hire purchase is a simple, straightforward way to spread the cost of buying a new car. It's fixed rate finance - with a fixed monthly payment.

The deposit you pay is flexible - typically between 0-50% of the vehicle cost. The remaining balance, plus fixed interest, is repaid in equal instalments over an agreed period (12-60 months).

Why Consider Hire Purchase?

  • Low deposit - keeps valuable personal or business cash available
  • VAT-free - no VAT on payments
  • Control - you decide the deposit, you decide the term
  • Fixed monthly payment - perfect for budgeting
  • Flexibility - doesn't compromise your other lines of credit
  • Assets - you gain vehicle ownership
  • Tax benefits - Tax allowances for business users
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