Whether you are financing a car for the first time, have been refused car finance elsewhere or are simply exploring your options before committing to anything, AutoMoney Trust is here to help. We are a direct hire purchase lender, FCA-regulated, and rated 4.7 out of 5 by our customers on Google. Your initial application uses a soft credit search that will not affect your credit score, there is no deposit options available, and repayment terms run from 36 to 84 months. Most applicants get a decision within minutes. We consider applications from customers with adverse credit.
Hire purchase (HP) is one of the most popular and straightforward ways to finance a used car in the UK. You borrow a set amount, make fixed monthly repayments over an agreed term, and once you have made all your payments including the final option to purchase fee, ownership of the vehicle transfers to you outright.
AutoMoney Trust is a direct HP lender. There is no intermediary making decisions on your application. When you apply, you deal directly with our team, and if approved, your agreement remains with us for the full term, leaving you with no uncertainty about what you owe each month, and no hidden decisions to make when your agreement finishes.
You can borrow between £4,000 and £25,000, with repayment terms from 36 to 84 months. Before you apply, it is worth using our finance calculator to see what different loan amounts and term lengths could mean for your monthly payment.
HP and PCP are the two most common ways to finance a car in the UK, but hire purchase and PCP work differently and suit different needs.
With HP (Hire Purchase) car finance, you spread the cost of the vehicle through fixed monthly payments over the term of your agreement. Your monthly payments include the interest charged on the finance. Once you have made all of your payments, along with the option to purchase fee, ownership of the vehicle will transfer to you at the end of the agreement.
With PCP, monthly payments are typically lower because they only cover part of the car's value. At the end of the agreement you have three choices: hand the car back, pay a large balloon payment to buy it, or use any equity to part-exchange into a new deal.
AutoMoney Trust only offers Hire Purchase finance agreements. HP provides a straightforward way to finance a vehicle, with fixed monthly payments over an agreed term and no optional final balloon payment. Once all payments have been made, along with the option to purchase fee, ownership of the vehicle will transfer to you.
For a full side-by-side breakdown of both products, visit our HP vs PCP comparison guide.
To apply for HP car finance with AutoMoney Trust, you will need to meet the following criteria:
We also consider applications from customers with adverse credit and those who are first-time buyers and new drivers getting their first car on finance. If you are unsure whether you are eligible, the best way to find out is to apply. Your initial application uses a soft credit search, so it will not affect your credit score if you are not approved.
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Applying for HP car finance with AutoMoney Trust is quick and straightforward. The whole process can be completed online and most applicants get a decision in minutes. Here is what to expect from start to finish.
Complete our short application form. It only takes a few minutes. At this stage, we use a soft credit search, which will not affect your credit score.
A member of our team will explain your HP agreement in plain language, including your monthly payment, interest rate, full term length, and any fees. Take as much time as you need before deciding.
AutoMoney Trust works with a network of trusted dealerships across the UK. Once your finance is confirmed, you can choose your vehicle from a wide range of makes and models.
Before signing, we'll make sure you understand your car finance agreement. Read it carefully and ask if anything is unclear. Remember, an HP finance agreement is a legal and financial commitment.
Once your application has been fully approved and everything has been finalised, there may be nothing left to do except collect your new car. You could even drive away the very same day.
For a more detailed walkthrough of each stage, visit our guide to applying for car finance. Or get a idea about monthly repayments using our finance calculator.
Even if we can’t approve your application right now, our friendly team may still be able to explore other options that suit your needs.
Being refused car finance by one lender does not mean every lender will say no. Different lenders use different criteria, and a decision from one tells you very little about what another will decide.
AutoMoney Trust considers applications from customers with adverse credit. We look at your broader financial picture rather than making a decision based solely on a credit score. This includes customers who have been declined elsewhere.
One of the most important things to understand about applying with AutoMoney Trust is how our credit search works. When you first apply, we carry out an initial soft search and has no effect on your credit score, regardless of the outcome. Only if you choose to proceed with an approved offer does a hard search take place.
This means you can find out whether you are likely to be approved without any impact to your credit score. For customers who have already experienced a refusal, that peace of mind matters.
If you want to understand more about why applications get refused and what steps you can take, our guide to what to do if you have been refused car finance covers the topic in full.
AutoMoney Trust may be able to offer Hire Purchase finance without the need for a deposit, subject to status and affordability checks. This means that, if approved, you could finance your vehicle without making an upfront deposit. You can borrow between £4,000 and £25,000 and spread the cost over a term of 36 to 84 months.
No deposit car finance can make a vehicle accessible when you do not have savings available. It is important to make sure the monthly payments are genuinely affordable for the full length of your agreement before signing. Our finance calculator lets you test different loan amounts and term lengths so you can find a payment that works for your budget before you apply.
For a full breakdown of how zero deposit car finance works and what to watch out for, visit our zero deposit car finance options guide.
Over £125m has been financed through AutoMoney Trust, we support more than 10,000 customers monthly, and we are rated 4.8 out of 5 on Google. At AutoMoney, we aim to provide clear and ongoing support throughout the life of your finance agreement, not just at the start of your journey.
We do not make decisions based solely on automated scoring systems. When you apply, your application is reviewed by a real member of our team. That human element matters, particularly for customers whose circumstances do not fit into a standard scoring model.
We look at your full financial picture and consider applications from customers who have struggled to get finance elsewhere, including those with poor credit.
We offer a wider range of repayment terms than many lenders. A 36-month term means you pay less interest overall and own your car sooner. An 84-month term spreads the cost further and lowers your monthly payment. Use our finance calculator to find the right balance for your budget.
AutoMoney Trust uses a soft credit search when assessing your initial application. This allows us to review your eligibility without carrying out a full credit search at this stage. Soft credit searches are not visible to other lenders and do not usually affect your credit score.
AutoMoney Trust is authorised and regulated by the Financial Conduct Authority (FCA Firm Reference Number 912573). We are committed to treating customers fairly, acting transparently, and putting your interests first throughout your agreement. We have never used discretionary commission arrangements, and the amount you pay is not influenced by any broker or dealer involved in your application.
Thinking about applying for a hire purchase agreement with AutoMoney Trust? Here are a few important things to consider before getting started:
Hire purchase is a legal and financial commitment. Before signing any agreement, make sure you understand what you are agreeing to and that the payments will remain affordable for the full term.
If your PCP agreement is ending and you want to keep the car but cannot cover the balloon payment, we may be able to help by refinancing it into an HP agreement. Even if you have been declined elsewhere, AutoMoney Trust may be able to find a solution. Visit our guide to refinancing a PCP balloon payment for more information.
You are entering a legally binding agreement. A monthly payment that feels comfortable today needs to remain comfortable for 36 to 84 months. Take your time, use the finance calculator, and make sure you are confident before signing your agreement.
Used cars depreciate and some models do so faster than others. It is worth considering this when choosing a car, particularly if you are borrowing close to the vehicle's current market value. You can compare HP to other borrowing options in our guide to hire purchase versus personal loans.
Until you have made all your payments and paid the final option to purchase fee, the vehicle legally belongs to AutoMoney Trust. You cannot sell it during the agreement without first settling the finance or having obtained approval from AutoMoney to sell the vehicle.
Before signing your documents, make sure you fully understand the terms and conditions of your car finance agreement. It’s important to check that the monthly payments will be affordable for the duration of the finance term.
If you are introduced to us through a car finance broker or dealership, we will pay them a commission for referring you to us. Don’t worry, we’ll always tell you when a commission is being paid, how much it is, and how it’s calculated. This will be clearly shown in your documents and explained verbally by our team.
The commission is completely separate from your car finance agreement and will not affect the total amount you pay. Any commission we pay is set at a fixed rate and is not influenced by the dealer or broker who introduced you to us.
One of our team members will walk you through this and ask for your consent before your agreement in finalised.
Yes, you may still be able to get car finance with poor credit. AutoMoney Trust considers your overall financial circumstances and affordability rather than relying on your credit score alone, and specialises in helping customers who have been declined elsewhere, including those with CCJs, defaults, missed payments or a limited credit history. Having poor credit does not automatically prevent you from being considered for car finance.
Every application is assessed individually, considering factors such as affordability, income stability, employment and existing financial commitments. While poor credit may mean a higher interest rate or a smaller borrowing amount, it does not automatically prevent you from getting car finance.
Whether you are looking for car finance with bad credit or have struggled to get approval elsewhere, our team can help you explore your available options. You can complete a short online application with a soft credit search, which will not affect your credit score.
Hire Purchase (HP) and Personal Contract Purchase (PCP) are two common types of car finance, but they work differently. With a hire purchase agreement, you pay the full value of the vehicle through fixed monthly payments over an agreed term. Once all payments have been made and the option to purchase fee has been paid, ownership of the car transfers to you.
With PCP car finance, your monthly payments are usually lower because you are only paying towards par of the vehicle's value during the agreement. At the end of the term, you typically have the option to make a larger balloon payment (also known as a final payment) to keep the car, return the vehicle, or explore other options depending on your agreement.
One of the main differences between HP and PCP finance is how ownership and mileage work. PCP agreement often include annual mileage limits and potential charges if the vehicle exceeds the agreed mileage or is returned with damage outside normal wear and tear. Hire purchase does not usually have mileage restrictions, making it a popular option for drivers who want flexibility and the certainty of owning the vehicle at the end of the agreement.
AutoMoney Trust offers hire purchase car finance only, providing customers buying used cars a straightforward agreement, fixed monthly payments, and the reassurance that they can own their vehicle once the agreement is completed.
Yes, AutoMoney Trust hire purchase agreement includes a £199 admin fee as well as an option to purchase fee of £10, which is paid alongside your final monthly payment if you decide to keep the vehicle at the end of your agreement. This fee allows ownership of the car to transfer to you once all payments have been completed.
All applicable fees are clearly explained in your car finance agreement, so you can understand the costs involved before entering into a hire purchase agreement.
Additional charges may apply if payments are missed, including reminder letter fees or default interest. These charges are designed to cover the costs associated with managing missed payments and are detailed in our arrears fees and default interest schedule.
Unlike some finance providers, AutoMoney Trust does not charge early repayment fees if you choose to settle your agreement ahead of schedule. If you are considering paying off your car finance early, you can contact us to discuss your options and understand any settlement figure that may apply.
The length of your car finance agreement can have a significant impact on both your monthly payments and the total cost of borrowing. Choosing a longer finance term, such as 60 or 84 months, spreads the cost of the vehicle over a greater number of payments. This can make your monthly payments more affordable, but it may mean you pay more interest overall throughout the agreement.
A shorter car finance term, such as 36 months, usually results in higher monthly payments because the balance is repaid over a shorter period. However, paying the agreement off sooner can reduce the overall amount of interest paid, making it a potentially lower-cost option over the full term.
When choosing the right finance term, it is important to consider your budget, monthly affordability, and how long you plan to keep the vehicle. The best option is one that allows you to comfortably manage your payments without putting unnecessary pressure on your finances.
AutoMoney Trust offers car finance terms from 36 to 84 months, giving you flexibility to choose an agreement that suits your circumstances. Use our car finance calculator to compare different term lengths and understand how your monthly payments and overall costs could change before applying.
