How to Buy a Car on Finance
How to Buy a Car on Finance
If you're thinking of buying and financing a car, there are several options available to you that are affordable and flexible, including Personal Contract Purchase (PCP), Personal Contract Hire and Personal Motor Loans (PML). However, understanding exactly what each type of car finance offers is important to deciding on a plan that works for you.
That’s why we’ve put together a complete guide on how to buy a car on finance, sharing the ins and outs of PCP and PML and how they can offer you flexibility and long-term value.
Buying a car on finance: what are your options?
If you’re looking to get a car on finance, you need to consider the options available to you.
A couple of car financing options that are particularly popular are PCP and PML. Let’s explore how to buy a car on finance through these methods, what each involves and what they can offer you.
Personal Motor Loan (PML)
Personal Motor Loan
(PML) is a traditional method of financing a car that allows you to hire, and then own, a used or new car by spreading the upfront cost. Like Personal Contract Hire
(PCH), you make fixed, monthly repayments over an agreed term, until the cost is fully repaid.
With PML, you can also choose to make an initial deposit, which will reduce the cost of the monthly payments. The interest rate is also fixed, so you’ll know exactly how much you’ll repay at the beginning of the agreement. At the end of your contract, if all monthly repayments have been made, you will own the vehicle.
Getting a car on finance with PML provides flexibility in terms of deposit, term length and early settlement. With PML deals,
you may also have the option to end the contract early by paying off your remaining balance, allowing you to own the car sooner.
Want to get the most out of your EV?
Find out how to increase the range of your electric car
Considering financing a Kia car?
Use our car finance calculator
to get a personalised quote
Personal Contract Purchase (PCP)
PCP (Personal Contract Purchase) is a type of car financing that enables drivers to spread the upfront cost of a car over an agreed-length contract.
In a PCP car deal,
the driver chooses a car they’d like to finance and agrees to a contract-length in which they’ll pay monthly repayments and an initial deposit amount. As with PML, the larger the deposit, the smaller the monthly payments will be.
Like PML, PCP also offers ongoing flexibility. Getting a car on finance with PCP enables you to tailor your contract. This gives you the choice of owning the car after making an optional final payment or putting any equity you’ve accumulated during your contract towards a deposit for an upgraded car.
Buying a Kia car on finance
At Kia, we want to ensure the driving experience of tomorrow is available and accessible to everyone today. That’s why we offer an extensive range of Kia cars with PCP or PML car finance offers,
including Hybrid,
Plug-In Hybrid,
and Electric Cars.
Our exciting range of PML and PCP car finance deals
includes finance offers for the award-winning Kia EV6.
With an impressive all-electric range of up to 328 miles* as well as ultra-fast charging, this sporty crossover
makes emission-free driving hassle-free.
You can also get the all-new Kia Niro
in Hybrid, Plug-In Hybrid and fully electric powertrains. Infused with innovation and designed with family at the heart, the Niro has advanced connectivity features and high-tech safety functions.
Alternatively, experience everything the Kia Sportage
has to offer, available in petrol/diesel and hybrid powertrains. The Sportage is our award-winning family car,
engineered to provide a driving experience that combines technology, safety and performance under one roof. With a range of convenient features, safety functions and drive modes, this SUV
excels in versatility.
Also available on PML or PCP is the Kia XCeed,
our ultra-modern, dynamic crossover.
With cutting-edge technologies, enhanced safety features and a stylish aesthetic, the XCeed really does feel as good as it looks.
Want to find out more? Discover what’s possible when you explore the rest of our PML
and PCP
car finance deals and find out how to apply for car finance with Kia. You can also use our car finance calculator
to create a tailored finance quote for your dream Kia vehicle.
*The range was determined according to the standardised EU measurement procedure (WLTP). The individual driving style and other factors, such as speed, outside temperature, topography and the use of electricity-consuming devices/units, have an influence on the real-life range and can possibly reduce it.
Images shown are for illustration purposes only and may not be to full UK specification. Features shown are not standard across the Kia model range and availability will vary dependant on model. For further details please refer to the individual model specification sheets.