Car Finance Explained by Autostore

At Autostore, we stock a huge range of used cars on finance. We’ll do all we can to help you find the car that’s right for you, then we’ll help you find the right finance deal. With a choice of convenient and easy ways to finance cars to match your lifestyle, you’ll be driving away for years of worry-free motoring in no time.

We’ll explain what is car finance and take time to understand your income and lifestyle before providing a quote. Whether you’ve got a cash deposit, a car to part exchange or a challenging finance history, we’ll do our best to find the right deal for you, with manageable monthly payments.

What is Car Finance?

Car finance is an easy way of paying for your ideal car in monthly, fixed payments, allowing you to budget. Depending on your needs, Hire Purchase (HP) and Personal Contract Purchase (PCP) provide different payment options. Here’s what you can expect:

Hire Purchase (HP) spreads the cost of your car over a number of months, usually between 24 and 60 months. After this term, you own the car outright and can sell or part-exchange it as you wish.

Generally, the more you can afford to pay each month, the shorter your contract length will be. All you need to do is tell us what your monthly budget is and whether you have a cash deposit or car to trade in, and we can do the rest. Don’t forget that you also have to take into account your car’s running costs, such as fuel, maintenance, road tax and insurance before calculating your available monthly funds.

If you want to make a long-term investment in your car, HP finance is a great choice since the payment remain the same throughout the whole contract. This option is currently only available to over-18s.

Personal Contract Purchase (PCP) also allows you to pay for your car in a number of fixed monthly installments, usually between 24 and 60 months. However, in this case, you won’t own the car at the end of the contract and must return it to us in good condition. With PCP, your annual mileage is also limited to take into account the wear and tear on the vehicle.

For these reasons, the monthly payments for PCP are usually lower than you’ll find with HP.

At the end of the contract, you can make a final, larger payment (Min Guaranteed Future Value or 'balloon payment') to own the car outright. This amount is calculated at the beginning of the contract, so there’ll be no surprises if you opt to make the car yours. Or simply return the car and start another contract with a newer model.

Visit Autostore today or get in touch to discuss how to finance cars - no pressure, just simple, honest advice.


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Car Finance FAQs

With flexible and easy car finance options, we're sure you'll find a suitable deal for your next car purchase. Don't hesitate to contact us with any queries. Here are some of the most common questions we hear...


  • Penrith - 01768 890870
  • Lancaster - 01524 62939
  • Carlisle - 01228 522423
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Autostore Penrith,
Hillcrest Garage,
Gilwilly Industrial Estate,
CA11 9BN

Autostore Lancaster,
Mellinshaw Lane,

Autostore Carlisle,
Grears Hill Road,
Kingstown Ind Estate,

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