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Car Finance

Explore our new and used car finance deals available at Bristol Street Motors.

What is Car Finance?

Car finance is a term used to describe a range of borrowing options allowing you to fund the purchase of a new or used car. There are different types of car finance options including Personal Contract Purchase (PCP) which many people use to buy a new car. This helps break down the costs of ownership with a final lump sum payment (known as a 'balloon payment') at the end. Other main forms of car finance available at Bristol Street Motors include Personal Contract Hire and Hire Purchase.

How car finance works at Bristol Street Motors

1. Find your car

Choose your perfect new or used car from our range of top manufacturers.

2. Get a quote

Request a quote for car finance on the car you are interested in.

3. Confirm your order

Place your order and arrange collection or delivery at a time that suits you.

Start your vehicle search today

Browse new car offers All used car deals

Alternative car finance options

Personal Contract Purchase (PCP)

Personal Contract Purchase (PCP) allows you to split the cost of a vehicle into monthly instalments, with a larger balloon payment at the end. At this point, you can either keep the vehicle, hand it back, or trade it in for another vehicle.

Learn more about PCP

Personal Contract Hire (PCH)

Personal Contract Hire (PCH) is an agreement that lets you change cars every few years, without the responsibility of ownership. You'll pay an initial rental, followed by monthly rental payments until the agreement ends.

Learn more about PCH

Hire Purchase (HP)

With a Hire Purchase agreement, you can choose the deposit and the length of your agreement giving you greater flexibility. Interest rates are fixed meaning you're protected against inflation, and you'll own the vehicle once you've made all required payments.

Learn more about Hire Purchase

We are a credit broker and not a lender. Finance is subject to status and finance company acceptance. We can introduce you to a limited number of lenders and their finance products. We will typically receive a commission from the lender, as either a fixed fee or a fixed percentage on the amount you borrow. The commission we earn does not change by the type of finance. A guarantee may be required. The finance rate will vary dependent of customer personal circumstances for in dealership purchases.

Car finance comparison table

Personal Contract Purchase (PCP)Hire Purchase (HP)Personal Contract Hire (PCH)
Deposit required
Immediate ownership
Ownership comes at the end
Excess mileage charge
Monthly payments
Available with low credit score?

Cash Plan

Cash Plan helps to cover the cost of new or used cars and vans. It takes the form of a Hire Purchase agreement for 12, 24, or 36 months and requires a larger initial deposit, though no monthly payments. It also provides flexible end-of-contract options.

Hand the car back

You have nothing to pay, as long as the vehicle is in good condition and hasn't exceeded the agreed mileage limit.

Keep the car

You just need to pay the optional final payment, plus the purchase fee.

Choose a new car

You can trade in your vehicle or sell it privately once you have settled your agreement. Any money that's left over from the optional final payment can be used as a deposit for your next car.

FAQs about Car Finance

Who is the legal owner of a car on finance?

Whether you opt for a car lease or a PCP agreement, the finance lender will be the legal owner of any vehicle on finance. You never own the car on a lease but are contracted for a period of time or on PCP until the entire car loan has been repaid. Instead, you are the 'registered keeper' of the car - the person who should be making the monthly payments.

What credit score do you need for a car on finance?

When it comes to car finance, there are no universal requirements for credit scores. Each finance lender has different criteria, although all lenders will review your credit report.

If you're worried about bad credit for car finance, get in touch with our customer service team. They can talk you through all available financial options and find the best terms for you.

What happens if I don't pay my car finance?

If you miss any instalments on your car agreement, the finance lender will get in touch to notify you. Depending on the terms of your contract, interest charges could be added to the loan.

Should missed payments continue on a regular basis, the vehicle will be at risk of repossession.

Can I sell a car on finance?

Even if you have outstanding payments left on your car loan, you can still sell your car to Bristol Street Motors. All you need to do is request a valid settlement letter, which we will settle and deduct from the final sale value. Find out more about selling your car on finance.

How does part exchange work on a finance car?

You can also part exchange your current car with outstanding finance and buy another car at Bristol Street Motors. Instead of receiving a deducted amount of cash, any remaining value on a trade-in car is used to offset the price you pay for a new vehicle.

For more information on how to part exchange a finance car, book an appointment with your local dealership today.

What happens if I damage a car on finance?

If your car on finance sustains damage during your contract, you will need to contact your insurance company to cover the cost of repairs. You will be liable for any excess charges on your insurance policy too.

For car lease agreements, you must ensure that the vehicle is returned in fair condition at the end of your contract. If there is any damage that is deemed to go beyond general wear and tear based on the vehicle's age and mileage, you may need to pay an excess charge.

How do I cancel a car finance contract?

Here at Bristol Street Motors, we understand that financial circumstances can change. That's why we want to make it as simple as possible for you to cancel your car finance. However, there are conditions to be aware of. For example, if you have not paid at least 50% of your car loan at the time of termination, you will also be subject to balloon payments and interest fees.

Read our blog post on cancelling car finance for more information.

Is car finance hard to get?

Applying for car finance is relatively easy, and provided you tick all the boxes it should be easy to obtain. Lenders will complete a number of car finance checks to provide you with an offer suitable for your budget.

This includes checking:

  • �Your identity and personal details
  • �Your driver�s license
  • �Your address and history
  • �Your employment and income
  • �Your credit score

If you have a good credit score and can provide all the necessary information, there's no reason why you shouldn't be eligible for car finance. You can check your current credit score online for free through banks like NatWest.

Is it cheaper to finance a car or buy it outright?

Many people choose to cover the costs of purchasing a vehicle with finance agreements as they don't have the cash to buy it outright. Finance deals allow customers to enjoy fixed, lower monthly payments making ownership a little cheaper. Note that you will however need to pay interest, as with any type of loan.

There are however some drawbacks, as with some agreements there are often mileage restrictions (for example, PCP). With others, you never actually own the car, such as Personal Contract Hire (PCH).

If you're looking for cheap car finance deals, you are sure to find the right option for you at Bristol Street Motors.

Can you modify a car on finance?

Where a finance agreement doesn't entitle you to legal ownership of the vehicle, you are not permitted to modify it. It's also unadvisable to do so even if you have the option to as this could diminish the car�s value should you wish to return it at the end of the contract. Finance companies expect to receive vehicles that are in good, original condition and are ready to be re-sold.

Finance news

Can I Cancel My Car Finance?

Can I Cancel My Car Finance?

Find out what the laws are around cancelling car finance plans should you need to before the agreement end date.

Terms & Conditions

Ford Credit is a trading style of FCE Bank plc. Registered in England: No 772784. Registered Office: FCE Bank plc, Arterial Road, Laindon, Essex, SS15 6EE. FCE Bank plc is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under firm reference number 204469.

*Ford Options is a hire purchase agreement with an Optional Final Payment due at the end. Your deposit (maximum 35%) and the Optional Final Payment are deducted from the price of the car. The balance plus interest is then split into equal monthly instalments depending on the length of your agreement. As Ford Options is a mileage based agreement, it is important that your anticipated mileage is reflected correctly as it cannot be changed mid-contract.

*Ford Personal Contract Hire is provided by ALD Automotive Ltd, trading as Ford Lease, Oakwood Drive, Emersons Green, Bristol, BS16 7LB. ALD Automotive Ltd is registered in England no. 987418. Finance subject to status. Guarantees and indemnities may be required. ALD Automotive Ltd and FCE Bank plc are authorised and regulated by the Financial Conduct Authority.