Using a HP finance product, the loan is secured against the car. Fixed monthly payments will then be arranged so you can budget accordingly and you will see how much the car will cost you in total over the period. As with any finance agreement, you won’t own the car until the last payment has been made.
PCH differs from Hire Purchase and Personal Contract Purchase as you are leasing the vehicle instead of purchasing it with finance. You’ll pay a monthly amount for the use of a car, which can include servicing and maintenance, providing the mileage doesn’t exceed a specified limit.