Finance options

With lots of great deals available, more people than ever are choosing to finance their cars instead of buying outright. But, if you’re new to financing, choosing the best deal can be a daunting task.

We’re here to help you understand how car financing works, and because we cut out the middleman to sell direct, you’ll be amazed at how far your finance deals could get you!

Here’s a quick guide to the car finance options available:

• Personal Contract Purchase (PCP)

PCP is a finance plan where you can make monthly payments of a fixed amount over an agreed term. At the end of that term, you have three options:

1. Hand the car back to the finance company (the car must be in good condition and within the agreed mileage, otherwise charges may apply)

2. Part exchange it for another car on a new agreement (subject to status)

3. Pay the final repayment to own the car. This will usually be a larger payment than the fixed monthly amounts you paid

PCP could be right for you if you’re thinking of changing your car in the next few years, or if you want the freedom to decide on a final purchase at a later date.

• Hire Purchase (HP)

HP is a finance plan that also allows you to spread the cost of the car by making monthly payments over an agreed term.

Unlike PCP, you are signing up to buy the car as part of the agreement. This means you might make higher monthly payments than a PCP agreement, so that when you come to the end of the term, you’ll have paid the full price of the car. Unlike PCP, there are no limits on mileage.

HP could be right for you if you already know you want to own the car.

To see why OMRG Motors really is the smartest way to buy your next car, use our finance calculator to find the best motors within your budget: