Hire Purchase – or HP – is a type of car finance that lets you spread the cost of a car over an agreed length of time, after which you'll own the car outright.
Personal Contract Purchase - or PCP - is a flexible finance agreement that allows you to hand the car back, own it outright or trade it in for another at the end.
Refinance is the process of taking out a new finance agreement so you can pay off your current loan and switch to a new lender.
Our calculator will estimate how much interest you'll be paying and how much your payments might be each month.
Use our early settlement calculator to estimate the outstanding amount on your current HP or PCP agreement.
See if you’re eligible for a car loan - it's fast, free and has no impact on your credit score.
By participating in the 'Car Buying Concierge' initiative, you agree to the following terms and conditions ("Terms"). Please read these Terms carefully before engaging in the initiative. By participating, you agree to be bound by these Terms.
The 'Car Buying Concierge' initiative provides you with an experienced individual ("Car Buying Concierge") to offer personal support and guidance during the car-buying process at a dealership. The Car Buying Concierge is not a professional car-buying advisor or financial advisor.
Any opinions, suggestions, or recommendations regarding vehicles made by the Car Buying Concierge are their own private views and do not reflect the views or recommendations of Carmoola. Carmoola does not endorse, warrant, or guarantee the suitability, reliability, or condition of any vehicle discussed or recommended by the Car Buying Concierge.
Carmoola will not be held liable for any vehicle purchase decisions made based on the Car Buying Concierge’s advice or any future issues that may arise with the vehicle.
The Car Buying Concierge is expected to adhere to professional and respectful conduct. However, Carmoola cannot guarantee the nature of every interaction or conversation.
Carmoola shall not be held responsible or liable for any inappropriate language or conduct from the Car Buying Concierge, including but not limited to language or behaviour that may be deemed offensive, sexist, racist, homophobic, or otherwise discriminatory. Any such behaviour does not reflect the views or policies of Carmoola.
To facilitate the Car Buying Concierge initiative, Carmoola will need to share limited and necessary personal data with the assigned Car Buying Concierge. This may include, but is not limited to:
Carmoola is committed to minimising the data shared, and all shared personal data will be handled in compliance with applicable data protection laws, including the UK General Data Protection Regulation (GDPR).
For more information on how we handle personal data, please refer to our Privacy Policy.
By participating in the Car Buying Concierge initiative, you agree that Carmoola may involve you in marketing efforts surrounding the initiative. This may include using your feedback, experience, and non-personally identifiable information for promotional purposes.
If Carmoola wishes to use your image, likeness, or any personal identifiers for marketing purposes (e.g., in photos, videos, or testimonials), we will seek your explicit consent prior to any such use.
Participation in the Car Buying Concierge initiative is entirely voluntary. You are free to opt out of the initiative at any time without penalty or obligation.
There is no requirement to take out a car finance loan through Carmoola as part of this initiative.
Any decision regarding financing a vehicle should be considered carefully and is entirely at your discretion.
Carmoola is not responsible for advising you on financial decisions or car financing products, and you are encouraged to seek independent financial advice as needed.
Any reward offered as part of this initiative is granted at the sole discretion of Carmoola.
If a reward includes a contribution towards the deposit for a Carmoola car loan, this is subject to the applicant being approved for financing. Participation in the initiative does not guarantee approval for a loan or improve the likelihood of being approved.
Rewards are non-transferable and cannot be exchanged for cash or any other alternatives.
Carmoola reserves the right to terminate or withdraw the Car Buying Concierge initiative at any time for any reason. Likewise, you are free to withdraw from participation at any time.
In the event you are unhappy with the initiative, you are encouraged to contact Carmoola directly, and we will investigate any concerns.
Hire Purchase (HP) |
Personal Contract Purchase (PCP) |
Personal Loan |
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No deposit required |
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Car is yours at the end of the agreement |
Optional |
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Fixed monthly payments |
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No (final) balloon payment |
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No excess mileage charges |
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Secured against |
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Available on Carmoola |
This table outlines features of typical agreements and may not apply to all agreement options. Speak to the lender to understand the specific details of the agreements they provide.
To get started, all you’ll need is our app and a full driving licence. We’ll ask you to share a few personal details, so we can check your eligibility – this will involve a soft credit check but don’t worry, it won’t affect your credit score.
Congratulations! Once you reach the end of your HP finance agreement, and have paid a small Option to Purchase fee of £1, you’ll be the car’s legal owner. Now, you can keep the car, sell it, modify it, or trade it in for a new one – it’s completely up to you.
Carmoola is a trading name of Carmoola Limited which is registered in England & Wales, under Registered No. 12992987. Its Registered Office is First Floor, 1 Whittlebury Mews West, Primrose Hill, London, NW1 8HS. Carmoola Limited is authorised and regulated by the Financial Conduct Authority (Firm Reference Number: 958057), and a member of CIFAS (the UK’s leading fraud prevention service).
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Finance is subject to status and is only available to UK residents aged 18 and over. Carmoola is committed to responsible lending.
To get in touch, email us at support@carmoola.co.uk
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