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New wheels? You pay your way
With Halifax, you can do it your way. Just as you might pick a sporty soft-top over a city run-around, now you can choose from three great options to finance it.
Already know which option is right for you?
Get a car finance quote Get a car leasing quote Get a personal loan quote
Personal Contract Purchase (PCP)
Might be right for you if you’re looking to switch your car regularly.
- 7.9% APR representative when you borrow between £7,000 and £25,000.
- Borrowing from £3,000 to £60,000 available.
- Agreements between 1-4 years.
- Money is sent directly to the dealer.
- Option to own the car by making a lump sum final payment at the end of your agreement.
- You set the mileage limit. Excess mileage charges apply if you decide to return the vehicle.
- At the end of the agreement you can return the vehicle. To avoid incurring charges, the vehicle needs to be in good condition.
Hire Purchase (HP)
Might be right for you if you want equal monthly payments.
- 6.2% APR representative when you borrow between £7,000 and £25,000.
- Borrowing from £3,000 to £60,000 available.
- Agreements between 1-5 years.
- Money is sent directly to the dealer.
- Own the car at the end of your agreement.
- No mileage restrictions.
Car leasing
Might be right for you if you want to drive a brand-new car for a monthly fee without buying it.
- Choose from over 4,000 brand-new cars from more than 30 manufacturers
- Fixed monthly repayments
- 2-5 year terms available
- No option to own the vehicle
- You set the mileage limit
- Option to include a maintenance and breakdown package
Leases are provided by Lex Autolease Limited trading as Halifax
Personal Loan
Might be right for you if you want more freedom.
- 6.6% APR representative when you borrow between £7,500 and £25,000.
- Agreements between 1-7 years.
- Money is sent to you.
- Own the car as soon as you make the purchase.
- No mileage restrictions.
- You could borrow extra and use it for other things. For example, you could pay off other borrowing.
Lending is subject to status and additional affordability checks. Rates quoted are subject to change and will depend on product, lending amount and personal circumstances.
The maximum APR you could pay on a personal loan is 29.9%.
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Here’s an example of how much your monthly repayments could be with PCP, HP or a Personal Loan if you were to buy a car and need finance for £13,000 over 4 years.Monthly comparison
PCP Finance Example
HP Finance Example
Representative Example Personal Loan
Monthly comparison
Representative APR
PCP Finance Example
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HP Finance Example
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Representative Example Personal Loan
6.6%APR
Monthly comparison
APR
PCP Finance Example
7.9% APR
HP Finance Example
6.2% APR
Representative Example Personal Loan
-
Monthly comparison
Total Amount of Credit
PCP Finance Example
£13,000
HP Finance Example
£13,000
Representative Example Personal Loan
£13,000
Monthly comparison
Annual interest rate (fixed)
PCP Finance Example
7.61%
HP Finance Example
6.00%
Representative Example Personal Loan
6.41%
Monthly comparison
Agreement Duration
PCP Finance Example
48 months
HP Finance Example
48 months
Representative Example Personal Loan
48 months
Monthly comparison
Monthly repayments
PCP Finance Example
48 x £195.93
HP Finance Example
48 x £305.49
Representative Example Personal Loan
48 x £307.75
Monthly comparison
Optional final repayment of*
PCP Finance Example
1 x £6,850
HP Finance Example
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Representative Example Personal Loan
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Monthly comparison
Total amount payable
PCP Finance Example
£16,068.71 (Includes £10 Purchase Fee)
HP Finance Example
£14,673.52 (Includes £10 Purchase Fee)
Representative Example Personal Loan
£14,772.00
*With PCP, once you have paid all of your monthly repayments set out in your agreement, you have 3 options:
- pay the optional final repayment and own the car
- hand back the car (return conditions apply) without paying the optional final repayment
- part exchange the car subject to settling your existing finance agreement; new finance agreements are subject to status.
Looking to refinance?
You could lower your monthly repayments or pay back a lump sum over an affordable term by refinancing your car.
Halifax Car Plan Extra (PCP and HP) is available to Halifax current account customers of more than three months who are registered for Online Banking, are aged 18 and over and a UK resident.
With Halifax Car Plan Extra (PCP and HP) we pay the car dealer directly and the majority of UK dealers are covered.
PCP is available on New or Used Cars up to 7 years old at the end of the agreement.
Halifax Personal Loans are available to customers who are aged 18 and over and a UK resident.
Personal Loans: We adhere to the Standards of Lending Practice, which are monitored and enforced by the Lending Standards Board.