How old can the car be?

Up to 10 years old when the agreement starts, and no more than 12 years old when it ends. So a 10 year old car could go on a PCP of up to 2 years, and an 8 year old car on a PCP of up to 4 years.

What if the car has more than 70,000 miles?

Unfortunately we can't consider cars over 70,000 miles for this type of PCP. Speak to our team about other options, such as hire purchase.

Do I need good credit?

Yes. Our lenders are looking for customers with a good credit history. All finance is subject to status.

Will my monthly payments be higher on an older car?

They may be. PCP payments depend partly on what the car is expected to be worth at the end of the agreement, and older cars are usually expected to be worth less. An older car may also need a shorter term, which means fewer payments. Get a quote to see your own figures.

What happens at the end of the agreement?

You can pay the final payment and keep the car, hand it back, or part exchange it. Handing it back depends on the car being within the agreed mileage and in good condition.

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Is A 10 Year Old Car Really Old?

PCP isn’t just for new cars. We can look at PCP on older cars, up to 10 years old and under 70,000 miles.

Good credit required. Subject to status.

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8.9% APR Representative

We are a credit broker, not a lender

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8.9% APR Representative

We are a credit broker, not a lender

As featured in...

Representative Example – Personal Contract Purchase: Cash Price £35,000.00, Deposit £2,000.00, borrowing £33,000.00 over 4 years at 8.9% Representative APR (fixed). 47 monthly payments of £496.83 followed by a final payment of £18,590.00. Total cost of credit of £8,941.01 and total amount payable of £43,941.01. Based on 8,000 miles per annum, excess mileage charges will apply if this is exceeded. Finance subject to status 18+ only.

PCP isn’t just for new cars

A lot of people assume PCP is only for new or nearly new cars. It doesn’t have to be.

We work with a panel of lenders that will look at PCP on older cars, up to 10 years old at the start of the agreement, as long as the car is under 70,000 miles. So if you’ve found a 10 year old car you love, PCP could still be an option, on a shorter term.

As with any PCP, your monthly payments are based on the price of the car, your deposit, the term, and what the car is expected to be worth at the end of the agreement. At the end, you can pay the final payment and keep the car, hand it back, or part exchange it.

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8.9% APR Representative

We are a credit broker, not a lender.

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8.9% APR Representative

We are a credit broker, not a lender.

How long can the PCP be?

The car can be up to 10 years old when the agreement starts, and no more than 12 years old when it ends. So the older the car, the shorter the PCP.

A shorter term means fewer monthly payments, so it’s worth checking your figures before you choose a car.

Car’s age at the start	Longest PCP term
Up to 7 years	Our standard PCP terms
8 years	Up to 4 years (48 months)
9 years	Up to 3 years (36 months)
10 years	Up to 2 years (24 months)
Over 10 years	Not available on PCP. Ask us about hire purchase or lease purchase.

The car’s age is worked out from the date it was first registered.

Use the table as a guide. The car must be no more than 12 years old when the agreement ends, so if it’s part way through a year, the longest term may be shorter. For example, a car that’s 9 years and 8 months old wouldn’t get a 36 month PCP. Let our finance calculator guide you; it will only quote terms that fit.

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8.9% APR Representative

We are a credit broker, not a lender.

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8.9% APR Representative

We are a credit broker, not a lender.

Things to think about on an older car

Shorter terms
The older the car, the shorter the PCP can be. Fewer payments can mean each one is higher.

Mileage and condition
If you hand the car back, it needs to be within the agreed mileage and in good condition, or you may have to pay extra charges.

Owning the car
You won’t own the car unless you pay the final payment at the end of the agreement.

Total cost
PCP can cost more overall than hire purchase. If owning the car is what matters most, ask us about hire purchase.

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8.9% APR Representative

We are a credit broker, not a lender.

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8.9% APR Representative

We are a credit broker, not a lender.

Is it right for you?

Car up to 10 years old: no more than 12 years old when the agreement ends
Under 70,000 miles: we can’t consider cars over this mileage
Good credit: our lenders are looking for customers with a good credit history

All finance is subject to status. You must be 18 or over.

Still looking for a car? Browse used cars up to 10 years old in our Used Car Showroom.

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Get a quote

Use our free online finance calculator for a quote in just a few taps, we offer you our lowest APR and lowest monthly payment options so you can make the decision based on your situation.

If you’d prefer to speak to us, you can call us on 0161 383 4248, use Live Chat, WhatsApp, or fill in our contact form and our team will be happy to help!

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8.9% APR Representative

We are a credit broker, not a lender

Got questions?

Our team are on hand to help answer any queries you may have. You can call us, chat with us on WhatsApp and Live Chat or get in touch using the contact form in the footer.

Up to 10 years old when the agreement starts, and no more than 12 years old when it ends. So a 10 year old car could go on a PCP of up to 2 years, and an 8 year old car on a PCP of up to 4 years.
Unfortunately we can’t consider cars over 70,000 miles for this type of PCP. Speak to our team about other options, such as hire purchase.
Yes. Our lenders are looking for customers with a good credit history. All finance is subject to status.
They may be. PCP payments depend partly on what the car is expected to be worth at the end of the agreement, and older cars are usually expected to be worth less. An older car may also need a shorter term, which means fewer payments. Get a quote to see your own figures.
You can pay the final payment and keep the car, hand it back, or part exchange it. Handing it back depends on the car being within the agreed mileage and in good condition.
At Magnitude Finance, we’re determined to make every step of the finance process simple, smooth and straightforward. In just a few clicks, our free online PCP car finance calculator will give you the best quote for your chosen vehicle. All you have to supply is the details for the car of your choice, just add the registration, or add these manually – and our calculator will produce a precise figure. We regularly update our calculator so our clients are always at the forefront of the latest model releases and industry upgrades.

Getting a PCP finance quote from us couldn’t be easier. The choice is yours here, you can use our free online finance calculator for a quote in just a few clicks, you can call us on 0161 383 4248, use our Live Chat or WhatsApp facilities, or simply fill in our handy contact form at the bottom of the page – and a member of our dedicated team will get in touch.

At Magnitude Finance, we always work with our clients in mind. That’s why we work tirelessly to create the best packages for you and your interests, offering advice and support when needed. When it comes to supplying customers with no-nonsense, no-obligation quotes, we’re the perfect pit stop.

If you feel PCP is the right product for you, try our free online finance calculator for a quote in just a few clicks!

FAQs

You can use our calculator to get multiple finance quotes in just a few taps, we show you the lowest APR and monthly payment options we have available from our lenders, for PCP, HP and HP + Balloon (depending on qualifying vehicles).

If you’d prefer, our team can walk you through the finance options we have available to you on the phone, via email, live chat or WhatsApp.
You can use our calculator to get multiple finance quotes in just a few taps, we show you the lowest APR and monthly payment options we have available from our lenders, for PCP, HP and HP + Balloon (depending on qualifying vehicles).

If you’d prefer, our team can walk you through the finance options we have available to you on the phone, via email, live chat or WhatsApp.
Yes, car finance is available for both new and used cars. Terms may vary based on the car’s age and condition. There are limits to what a regular PCP or HP agreement can finance, with older cars of higher value we can look to use a HP + Balloon agreement with some lenders (dependent on qualification terms)
Deposits typically range from 10% to 20% of the car’s value, some lenders may require a minimum deposit to be added to be able to borrow from them.
Yes, but this will depend on the amount you are looking to finance, and the lenders available will be limited. For lower value vehicles this is normally not an issue, but it will take longer for you to pay off your finance.

The average deposit is usually 10% of the price, and on higher value vehicles the lender may ask for a larger deposit depending on your situation.
No, this kind of finance is not something our lender panel can offer.
Yes, but you may need to provide proof of income, such as pension statements etc. Our team will discuss this with you.
Yes, you can finance a private sale, but the options for this are limited and there are requirements that must be met to be able to fund one, along with a minimum vehicle value of £30,000. Please speak to our team if you are looking to finance a private sale.
Yes, most agreements allow early repayment, but you may incur early settlement fees (usually 58 days of interest), but this is dependent on the lenders terms and the type of finance facility you take out.