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Here at first4vauxhall, we are a nominated dealer for Zuto, the official finance partner of Autotrader who will advise you on how much you can borrow & offer car finance deals to match the major high street lenders, so you can be assured of a truly great deal on your next car purchase.

Check out this car finance calculator from Autotrader & Zuto 


Personal loan

Personal loans are usually the cheapest way to finance a car deal, but only if you have a good credit rating.

You can get a personal loan from a bank, building society or finance provider so long as your credit rating is good. Make sure the loan is not secured against your home. Otherwise, you will be putting your home at risk if you failed to keep up with repayments. Shop around for the best interest rate by comparing the APR (or annual percentage rate, which includes charges you have to pay as well as the interest).

  • Pros
  • It can be arranged over the phone, internet or face-to-face
  • Covers the whole cost of the car but it doesn’t have to
  • Can charge a competitive fixed interest rate if you shop around
  • Cons
  • There may be a wait for the funds to appear, although some lenders
  • Make funds available almost immediately
  • Other borrowing may be affected

Hire Purchase (HP)


Hire purchase is a form of buying a car on finance and is paid in instalments where payments are spread over 12-60 months and you usually (but not always) have to put down a 10% deposit. They are arranged by the car dealer and are often very competitive for new cars (less so for used cars). The loan is secured against the car, so you don’t own it until the last payment is made.

  • Pros
  • Quick and easy to arrange
  • Low deposit (usually 10%)
  • Flexible
  • Repayment terms (from 12 to 60 months)
  • Competitive fixed interest rates
  • Cons
  • You don’t own the car until the final payment
  • Tends to be more expensive for short-term agreements
  • Full guide to buying a car through hire purchase

Personal contract plan

This type of car finance deal is a variation on hire purchase and tends to result in lower monthly payments. Instead of paying for the car outright, you agree to pay the difference between its sale price and its price for resale back to the dealer, based on a forecast of annual mileage over the term of the agreement. Payments are spread over a shorter term of 12 to 36 months.

At the end of the term you can:

  • hand back the car to the dealer and pay nothing
  • trade the car in and start all over again, or
  • pay the resale price of the car and keep it
  • Pros
  • Lower monthly payments
  • Low deposit (usually 10%)
  • Flexible repayment terms (from 12 to 36 months)
  • A choice of what to do at end of repayment term
  • Cons
  • Mileage and condition of car affects the costs
  • Total amount paid may be more than with hire purchase
  • Have to pay the outstanding balance to keep the car