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Kia Finance At Burton Kia, we aim to simplify the process of purchasing your next vehicle by offering flexible finance options. We understand that buying a car can feel like a big decision, so we strive to make it as smooth as possible. To help you find a financing plan that fits your unique needs and budget, we provide a range of popular repayment options. These include Personal Contract Purchase (PCP), Personal Contract Hire (PCH) and Personal Motor Loan agreements, all of which are designed to offer you the flexibility you need. Whether you're looking for lower monthly payments or the ability to own the car outright, we’re here to guide you every step of the way.
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What is Personal Contract Purchase?
Personal Contract Purchase is similar to a Personal Motor Loan contract but with additional flexibility since part of the cost is deferred until the end of your contract. Also known as an optional final payment (OFP), it may give you the benefit of lower monthly repayments. At the start of the contract we’ll set this optional final payment for the car, this will be based upon your chosen term and approximate annual mileage. You select the deposit you wish to pay and then make monthly repayments based on the outstanding loan balance, less the optional final payment.

Personal Contract Purchase in Detail

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Personal Contract Purchase (PCP) is a popular financing solution that combines flexibility with affordability. With PCP, you make fixed monthly payments over an agreed period while keeping your options open at the end of the term.

How does PCP actually work?​

At the start of your agreement, you’ll pay a deposit, followed by monthly instalments that cover part of the car’s value. At the end of the term, you’re presented with three options:

  1. Pay the optional final payment (also known as a balloon payment) to own the car outright.
  2. Part-exchange the vehicle for a new model.
  3. Return the car to us with no further obligation (subject to mileage and condition).

What are the advantages of PCP?

  • Lower monthly payments compared to traditional loans.
  • Flexibility to upgrade to a newer car every few years.
  • Options to suit your lifestyle and financial circumstances.

What should you consider when option for a PCP?

  • Annual mileage limits may apply; exceeding them may incur charges.
  • You won’t own the car unless you pay the optional final payment.
  • The car’s condition must be maintained to avoid additional fees.

Can I settle my PCP agreement early?

Yes, you can settle your PCP agreement early by paying off the outstanding balance. This can be an excellent option if your circumstances change or you wish to trade in your vehicle sooner.

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What is Personal Contract Hire?
Personal Contract Hire is the choice favoured by most people who would prefer to lease a car, rather than own one. You pay an initial upfront advance rental (amount dependent on size of monthly rental), usually the equivalent to three, six or nine monthly rentals. You then pay a fixed monthly rental fee (plus VAT) and in return have the right to use your chosen car over a pre-agreed period and mileage. At the end of this period you are not responsible for the disposal, you simply return the car without further cost, providing it has not exceeded the agreed mileage and the condition is reflective of its age and mileage. There is no option to own the car at the end of the contact.

Personal Contract Hire in Detail

Personal Contract Hire (PCH)​ is the choice favoured by most people who would prefer to lease a car, rather than own one. You pay an initial upfront advance rental (amount dependent on size of monthly rental), usually the equivalent to three, six or nine monthly rentals. You then pay a fixed monthly rental fee (plus VAT) and in return have the right to use your chosen car over a pre-agreed period and mileage. At the end of this period you are not responsible for the disposal, you simply return the car without further cost, providing it has not exceeded the agreed mileage and the condition is reflective of its age and mileage. There is no option to own the car at the end of the contact.

How does PCH actually work?​

After paying an initial rental (deposit), you’ll make fixed monthly payments over an agreed duration. At the end of the term, you simply return the car to us, leaving you free to choose your next vehicle.

What are the advantages of PCH?

  • No ownership responsibilities or depreciation concerns.
  • Fixed monthly payments make budgeting easier.
  • Flexibility to drive a new or nearly new car without a long-term commitment.

What should you consider when option for a PCH?

  • You won’t own the car at the end of the agreement.
  • Mileage limits and condition terms apply.
  • There may be fees for excessive wear and tear.

Can I settle my PCH agreement early?

You can settle your PCP agreement early by paying off the outstanding balance.

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Videos on PCH
What is a Personal Motor Loan? Trade in your existing car and put this towards your initial deposit, or select the deposit you wish to pay, if any at all, and structure the contract to your requirements. Select a term and make regular monthly repayments to repay the balance, it’s that simple.

Personal Motor Loan in Detail

A Personal Motor Loan (PML) is a straightforward financing option for customers who prefer to own their car outright from the start.

How does PML actually work?​

With a PML, you borrow the full amount needed to purchase the car and repay it through fixed monthly payments over a set period. Once the loan is repaid, the car is yours to keep.

What are the advantages of PML?

  • You own the car outright once the loan is paid off.
  • No mileage restrictions or condition clauses.
  • A simple and transparent financing option.

What should you consider when option for a PML?

  • Monthly payments are typically higher than PCP or PCH.
  • The car’s depreciation could affect its resale value.
  • A credit check is required to secure the loan.

Can I settle my PML agreement early?

Yes, you can settle a Personal Motor Loan early by paying the remaining balance. This gives you the freedom to pay off your car sooner if your financial situation allows.

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