24 July 2025 Concept Car
So, you’ve found the car you want. You know what air freshener to get, and you know it’ll get you where you need to be safely and stylishly.
But how are you going to fund it?
Like many other drivers in the UK, you’re probably weighing up the pros and cons of buying or leasing a car.
We’ve done all the hard work for you. Keep reading to make your decision easier.
Buying a car can be done in one of two ways: in a lump sum or with financing types that allow you to own the car at the end of the agreement.
Leasing is done through Personal Contract Hire (PCH) and means you pay fixed monthly payments before returning the car at the end of the term.
A way to buy a car through fixed monthly payments. Once you’ve paid off the total cost of the car, you own it outright.
It’s recommended for those who want to pay off the cost of a car without complicated bank loans and want a simple, predictable payment plan.
The payments for PCP are often lower than those of HP, and include an optional final (balloon) payment at the end of the agreement for car ownership or the opportunity to trade in for a different model.
PCP is perfect for drivers who enjoy the flexibility and freedom of not owning a car, and like the option of trading in one car for another every few years.
Often compared to PCP due to its lower payments each month, but PCH has no option to buy the car at the end.
If you don’t want to own a car, are seeking a low monthly payment plan, and are interested in testing out a different model at the end of each agreement, PCH is best suited to you.
| Pros | Cons |
| The car is yours straight away if you pay outright, or at the end of the agreement if you choose Hire Purchase (HP) | Higher upfront cost |
| No mileage limits | Depreciation in value |
| Freedom to customise the vehicle | Ongoing maintenance costs |
| Build equity in an asset you can sell in the future |
| Pros | Cons |
| Lower monthly payments | No ownership |
| Swap cars at the end of your agreement to test new models and styles | It can come with mileage restrictions |
| No hassle of selling once your term comes to an end | Possible charges for wear and tear |
| Pay a balloon payment at the end if you change your mind and want to own the car | Limited flexibility |
The decision comes down to your personal preferences and priorities. If you’re looking to own the car at the end of your agreement, buying through finance like HP or PCP could be the right path. But if you’d rather drive a new car every few years without the commitment of ownership, leasing through PCH might suit you better.
At Concept Car Credit, we offer flexible finance options to match your lifestyle, budget, and mileage needs. Whatever your driving habits, we’ll help you find a deal that fits.
With flexible finance options, access to a wide range of used cars, and transparent advice tailored to your unique needs, we are truly the best of the best when it comes to finance brokers.
No matter your experience with car financing or your credit score, we have solutions designed to work for you. Whether you’re rebuilding your credit, applying for finance for the first time, or simply looking for a great deal, our team is here to guide you every step of the way, with no jargon, no pressure, and no hidden fees. Apply online today.
24 July 2025 Concept Car
