Another form of finance where you agree to pay a monthly payment, similar to hire purchase. However with personal loan you own the vehicle from the beginning, as it is not secured against the vehicle. [..]

This is the future value of your vehicle at a certain point in time. Often used for calculating Guaranteed Minimum Future Values.

SAF is a scheme introduced by the Finance & Leasing Association to enable retailers to test their teams to ensure they're trained to an approved level. All relevant team members have to be [..]

A form of car finance where you agree to make monthly payments for a fixed term. Once your final payment’s been made, you own the car. Personal loan works in a similar way, but you own the car from th [..]

Part exchange (or part ex) is when you use your existing car as part payment for your new one – your old car’s taken off your hands, and your new car will cost you less. You can get an instant part ex [..]

The Consumer Credit Directive was brought in to ensure that you have all the information you need to make an educated decision whether a finance package is right for you. As part of this legislation a [..]

Stands for Personal Contract Purchase. This is a popular form of car finance, alongside hire purchase. You put down a deposit and then pay monthly instalments; when the agreement comes to an end, you [..]

This is the monthly interest rate you’ll pay, and doesn’t include admin fees. Beware of confusing this with the APR as this doesn’t take account of any fees.

If you have an accident or your car is stolen, standard car insurance will only pay out the equivalent value of the car at the time the incident occurred – but you’ll still be liable to pay off any fi [..]

When you take out a PCP or other residual value based agreement (see below), your lender will calculate an GMFV figure, which is the minimum amount they think your car will be worth when the agreement [..]