Car finance

The cost of your loan depends on:

• how much the car costs
• your deposit amount
• the length of the term you choose - between 36 and 60 months
• the interest rate you are offered.

You can also part-exchange your current car which will reduce the overall cost of your new car.

Make sure you can commit to the term of the loan, and that you can afford the monthly payments on top of your usual spending.

To apply for car finance with cinch, you need to:

• have a driving licence - full or provisional
• apply with the same address that’s on your licence.

In the application, you’ll be asked for:

• your name
• date of birth and nationality
• your recent address history
• your employment status
• your income and outgoings.

You’ll also be asked for your bank account details - this is so we can check that it’s really you applying.

When you submit, your application will go to our panel of lenders to see if they can offer you finance and could take up to 3 credit checks to find the right lender for you. This could temporarily reduce your ability to be approved for further credit.

You’ll get an email to let you know if you’ve been approved or not. You can then view your finance offer.

Your tailored finance offer will show all the details of your loan.

If you’re happy with the offer, you’ll have 5 days to confirm it and sign.

ID check and sign

To confirm your offer, you’ll need to upload your ID for a check and sign digitally with our lender.

At this stage, you will need to:

• upload a photo of your ID, like passport or driving licence
• and upload a photo of your signature.
• and then come back to cinch to book your delivery.

HP (Hire Purchase) and PCP (Personal Contract Purchase) are types of loans that help you pay for a car.

At cinch, you can choose to pay over 36 to 60 months.

With HP you:

• pay monthly payments over a set time
• own your car at the end of the plan.
• you usually have to pay a small 'option to purchase' fee at the end of your HP plan. For Conditional Sale agreements, there is no such fee.

If you want to end the agreement early - wear and tear charges may apply.

Learn more about HP car finance

With PCP you:

• pay monthly payments over a set time
• keep, hand back or part exchange the car at the end - with an optional final payment if you choose to keep the car.

If you want to hand back the car - this is subject to mileage and condition (excess mileage and damage charges may apply).

If you part exchange at the end - this is subject to paying off your existing finance agreement and new credit agreements. New credit agreements are subject to status.

Learn more about PCP car finance

What's the difference between Hire Purchase (HP) and Conditional Sale (CS)?

When taking out a HP agreement, this may also include a 'Condition Sale'.

Both HP and CS need monthly payments to cover the cost of the car, and with both contracts you'll be the legal owner of the car when you're all paid up.

HP has a small 'option to purchase' fee included in your final payment, while CS has no such payment. You'll be aware of your 'option to purchase' fee at the start of your HP contract, so don't worry about being hit with large hidden costs.

CS only applies to HP finance, not PCP finance.

With any car finance agreement, it'll all be laid out in front of you right at the start.