Buying a car is exciting, and car finance can make it happen if you don't have all the funds immediately available. But before you dive in, let’s just run through the car finance options that we offer at Ozoomi so you can get an idea of which one may be the most suitable for you.

We have three different options of car finance available at Ozoomi. Here we want to give you an introduction to each of them. If you want more in-depth information, we have dedicated pages for each: Hire Purchase (HP), Personal Contract Purchase (PCP) and Conditional Sale (CS).

Hire Purchase (HP)

Hire Purchase, often known as HP, is a way to finance a car and have the possibility to own it once the agreement ends. This is with a small ‘Option to Purchase Fee’ that can transfer legal ownership from the lender to you when the finance agreement has been completed.

At its most basic steps, HP is as follows:

1. You can provide a deposit, which may even be zero in some cases.
2. You'll make a set number of monthly payments.
3. Upon agreement completion, you have the option to pay a small 'Option to Purchase' fee to gain ownership of the car.

For more detailed info, specific considerations and limitations, please check out our HP Car Finance page. 

Personal Contract Purchase (PCP) 

For lower monthly payments and if you prefer to switch cars more often, you may want to consider Personal Contract Purchase, or PCP.

You make payments on a portion of the car's cost over a fixed period (usually 2-3 years). When the agreement ends, choose to make a larger final payment (the Guaranteed Minimum Future Value or balloon payment) to own the car, exchange it for another PCP deal, or return it if it meets mileage and wear and tear limits.

Here are the simplified steps of PCP Car Finance:

1. You might need to give a deposit, but sometimes it can be zero.
2. You'll make fixed monthly payments over your agreed loan term.
3. When the agreement ends, there's one more payment called a 'balloon'

At the end of the agreement you get three options to handle the 'balloon', you can:

• Pay it to own the car.
• Return the car if you don't want to pay the 'balloon'.
• Trade the car at a dealership for a new one (they'll handle the 'balloon' payment).

To find out more specific information about PCP car finance, including limitations and considerations to be aware of, visit our PCP Car Finance page.

Conditional Sale (CS) Agreement

Conditional Sale, or CS, offers a straightforward route to owning your car. With CS, you automatically become the car owner when the agreement ends and you have completed all of your finance payments. Monthly payments spread the car's total cost over 3 to 5 years.

Conditional Sale agreements in simple steps:

1. You start with a deposit, but sometimes the deposit can be zero.
2. You make fixed monthly payments for a set period (term of the loan).
3. After the last payment and the car finance has been completed, legal ownership of the car is  transferred automatically to you.

For more information about Conditional Sale car finance agreements with Ozoomi, check out our Conditional Sale Car Finance Page. ‍