Looking to finance a car? These are your key options

Finance is one of the most popular ways to get behind the wheel of a new or used car. Whether it's the ability to split payments into more manageable chunks or being free to use larger sums of money elsewhere instead of having them tied up in one car, finance is something that a lot of people consider when getting a new car.

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Here we look at the most popular forms of finance.

PCP

Personal Contract Purchase-PCP-will see you pay an initial deposit followed by regular monthly instalments. During the term of your agreement-usually between three and five years - you'll never own the vehicle outright, those monthly payments going towards covering the depreciation of the car. At the end of the agreement, you can pay a final 'balloon' payment and own the car outright, exchange the vehicle and start a new finance plan, or simply return the car to the supplier or dealer and walk away from finance altogether

Hire Purchase (HP)