AutoMoney Trust offers hire purchase (HP) car finance exclusively. With HP, you make fixed monthly payments over a term of 36 to 84 months and own the car outright at the end of the agreement once the option to purchase fee is paid. We do not offer PCP, personal loans, or any other finance product.
With Hire Purchase, you pay the full vehicle value across fixed monthly payments, then own the car outright after a small Option to Purchase Fee. With PCP, monthly payments are typically lower because you only pay off part of the car's value, with a large optional balloon payment at the end if you want to keep it. PCP often has mileage limits and condition charges; HP does not. AutoMoney Trust offers Hire Purchase only, as it provides predictable costs and guaranteed ownership for customers buying used cars.
On a Hire Purchase agreement with AutoMoney Trust, legal ownership of the car does not transfer until you have made all monthly payments and paid the £199 Option to Purchase Fee at the end of the term. Until that point, the vehicle remains the property of AutoMoney Trust, which means you cannot legally sell or modify the car without our agreement, and the car may be at risk if payments are missed. You are still responsible for tax, insurance, MOT, and maintenance throughout the agreement. Once the final fee is paid, ownership transfers and the car is fully yours.
Your loan term directly affects both your monthly payments and the total cost of borrowing. A longer term, such as 60 or 84 months, spreads the cost over more payments, lowering the monthly amount but increasing the total interest you pay across the agreement. A shorter term, such as 24 or 36 months, means higher monthly payments but a lower overall cost. AutoMoney Trust offers terms from 24 to 84 months, so you can balance monthly affordability against total cost. Use our finance calculator to compare different term lengths before applying.
When buying a car on finance, the total amount you repay is almost always higher than the vehicle's cash price because interest and fees are added across the agreement. For example, a £10,000 car on a 60-month agreement at a representative APR may cost several thousand pounds more in total once interest, the admin fee, and the Option to Purchase Fee are included. The longer your agreement term, the more interest typically accrues. Your APR, loan term, and any deposit all directly influence the total cost. Always check the total amount payable shown on your agreement. You can also use our finance calculator to compare example borrowing amounts and terms.
