Finance with Croxdale Approved Used

Here at Croxdale Approved Used, we know how complicated car finance can be. That’s why we aim to make it as easy as possible for you to discover the best package and secure it. Our selection of plans covers personal, business and commercial needs, and enables you to choose between leasing a vehicle and purchasing it outright.

Each of our finance options can be tailored to meet your needs and budget, and we work with a range of lenders to help you secure the best possible deal.

Finance options explained

The first step to making the right vehicle financing decision is to know the options available. So, here’s a quick rundown of each finance solution.

What is HP?

Hire Purchase (HP) is a hassle-free and straightforward way of financing a new or used car. Following an initial deposit, you will then pay off the entire value of the car in easy-to-manage monthly instalments. When all the payments are made, the HP agreement ends, and you will be the proud owner of your chosen car.

What is PCP?

Personal Contract Purchase (PCP) is a car financing agreement that allows you to buy a new or used car without over stretching your bank balance. It is similar to HP in that you’ll typically pay a deposit followed by monthly instalments over a term of between 18 and 48 months.

What makes PCP different to HP is that your monthly instalments are paying off the depreciation of the car, and not its entire value, over the course of the term. Then, when you get to the end of your agreement, there is a final balloon payment that must be made if you want to keep the car. The balloon payment is often referred to as the Guaranteed Future Value (GFV).

What is PCH?

Personal Contract Hire (PCH) enables you to lease the car of your choice for a set period. You’ll usually make an initial payment, followed by a series of fixed monthly payments. When the contract ends, you hand back the keys and walk away with nothing left to pay, providing you met the agreement terms. PCH is ideal for those who don’t want to own the car at the end of the contract or worry about depreciation costs.

Use our finance calculator to tailor a plan from the comfort of your sofa or apply for finance via our website. Alternatively, if you’d like an explanation of the options, give our friendly team a call today and we’ll happily help you choose the right package for your needs.