Control and plan your finances with fixed monthly payments at a fixed interest rate. The vehicle is used as security.
Good for: If you want to keep the car at the end of the term. Business owners can write off the depreciation of the car against taxable profits because the vehicle is a business asset. You can also settle the agreement at any time, if you come into some money, with no financial penalties.
Considerations: Monthly payments are the same each month- if you'd prefer lower payments with the option to give the car back at the end of the term, then Personal Contract Purchase (below) is for you.