Once you have repaid half of the Total Amount Payable

The repayment period, usually expressed in months on a finance agreement

In a secured loan

The total cost of the vehicle, including your deposit

A loan whereby money is lent to you without any guarantee or security, unlike a secured loan

All car finance offers must be available in writing, and provide all relevant information clearly in a format regulated by the FCA

With a PCP

The value of a used car at a particular point in its life, taking into account its age, mileage and condition.

A finance agreement

A payment to cover all outstanding money owed and end the agreement