Considering financing your PCO car but unsure what you can get for your budget? Get a business car in a matter of days with low barriers to entry and no credit checks with Moove. Whether you’ve toyed with buying a car outright or would prefer manageable monthly payments, we can help you understand what is out there.
There are several ways to get a PCO car on finance, depending on your budget, desired model, and whether it’s electric, petrol or hybrid. It’s not always easy to know where to begin when choosing your first or next car – especially when it will be your wheels for business. It is a work investment after all, and you will spend a lot of hours in it.
We understand the worries customers face such as soaring car prices and the rising cost of living, but with Moove you’ll say no to hidden costs and charges. As well as getting a clear picture of your finance options for a PCO car.
The most traditional types of car finance options include Personal Contract Purchase (PCP), personal loan, lease or hire purchase. But, there are tons of viable options that can work for you whatever your situation.
Depending on who you choose to go with to finance a car, some deals are more sustainable than others, and come with more or less long-term risk.
Certain providers will rely on your credit rating, discuss your affordability towards a deposit, or lack certain benefits that can save you money, time, and hassle when maintaining your vehicle.
That’s where Moove comes in.
Not only are we competitive on pricing, but we’re also open-minded to helping as many people to get on the road, earn a living, and drive a suitable car to last.
Read on to learn the benefits of getting a car with Moove and everything we include for peace of mind.
Understanding PCO Finance Options
- Buying outright – New or Used Vehicles
As long as the PCO car meets certain requirements, such as being less than 10 years old and well-maintained, and meeting certain emission standards, you’re good to go. Fortunately enough, the car requirements are fairly reasonable. You will need to manage the PHV licensing yourself; you will also be responsible for insurance and a replacement car if yours is off the road for any reason.Depending on your budget, you could choose to buy a new or used car outright if you have the spare cash to hand. As much as this is an expensive, upfront cost, the ongoing cost of running the car will be much lower in the future. Plus, it means that the car is yours from the moment you start, which means if you decide to change careers, you keep the car with you.
- Rent to Buy PCOs – Also known as Flexi Buy
Rent to Buy is one of the more flexible options. Ditch the weighty down payment as you rent the car and work towards owning your PCO vehicle. Avoid large deposits, and chasing interest rates, all whilst enjoying shiny top-of-the-range vehicles.
At the end of your agreement, you own the vehicle, with Moove, this does not involve any large payment at the end. Start your PCO experience in style. We’ve de-briefed all the tips and tricks you need to know about Rent to Buy PCOs here, so you can mull over the car you’d like and the best ways to budget. - PCO car hire
A popular pre-financing option for drivers who are new to the industry or aren’t sure what the future holds. This quick method of getting your new car is possibly the most flexible option and one of the fastest ways to earn money on the road.
Many options include weekly payments at varying costs depending on the make, model and engine. So, it’s important to consider the vehicle you choose and how this aligns with your budget and environmental factors for many hours of jetting around London or beyond.
Renting a car does mean that you won’t be acquiring an asset over time, unlike a rent-to-buy agreement, your weekly payments won’t be driving any value for you in the long term. You are also likely to have significant restrictions on mileage and the vehicles available to you.
Still hunting for a finance option to suit you? Contact our Moove team and we’ll make sure you feel confident to choose your next vehicle.
Key Factors to Consider Before Financing
- Know if you’re suitable to apply for a PCO licence – The first step is your eligibility and undergoing the correct checks to obtain your licence. If you’re upgrading your car, making a switch, or already have your PCO licence, ignore this step!
- Make sure you understand the full costs you are likely to incur. As well as payments for your car, you will also need to cover additional running costs such as charging and cleaning. If it’s not included, you will also need to consider the price of insurance and servicing too.
- How long is the lease or hire deal? Choosing the right car and contract length is important to making you feel secure. Are you looking for something short or long-term and can you meet the regular payments going forward? Think about your lifestyle, location, and how a workday will look and feel in your new vehicle. You may also want to consider what you think your life might look like in a couple of years. It may be that you will need more space for family members, or will desire comfort more than style.
- Your credit score. We don’t run scary or unnecessary credit checks, but we focus on the drivers’ competency and history. However, do your research as to how financing a car affects your credit score and future score predictions. Does financing a car align with your future lifestyle plans? Most of the time, if your payments are paid in full on time, this can positively affect your credit score, but if you are considering getting a mortgage, a car loan to cover a one off purchase will count against you in a way that a rent-to buy package won’t.
- Compare your options to find the best deal for you. What are your choices to finance a car privately vs with an established company or after a viewing on the forecourt? Opt for a trusted provider that offers the best benefits and costs for you.
- What is the interest? Are you paying above your means, or can you get a fixed-cost plan? With Moove, we offer fixed payments to ensure you’re not surprised by the bill! If you are buying outright, you may also want to consider how the cost of insurance may go up over the coming years as well as servicing and maintenance.
- How much is the downpayment and are the terms flexible? Always lead with what you can afford and think about the initial downpayment vs the monthly payments long-term. What is the total cost and how does this compare elsewhere? If you change the model of car too, does this help?
- What are the USP’s of the car? Firstly, before all the extras, think about how many passengers the car fits (in line with PCO guidance). Then, there’s boot space, navigation, the engine, fuel economy, overall space, features, and longevity of the vehicle.
- Ongoing licensing. Remember that the car will need a PHV inspection every year, costing £140 as well as two MOT tests. These costs are included in all of Moove’s plans, which means you can focus on driving.
Finding the Best Deal
You might have already had your eye on a car or you’re feeling certain about the type of financing option that suits your budget, lifestyle, and location. Now, it’s a matter of finding the best financial deal on the market to save some money without compromise.
- We’re advocates for smooth-sailing car finance options. We say no to hidden fees and want our customers to get the most out of their new or used vehicle. It’s important to shop around so that you can compare the car’s terms and conditions, initial upfront costs, lease length, interest rates, and overall reputation. Think about what you are likely to need as a driver. Purchasing a car outright puts all of the responsibility on you to solve any problems and manage your vehicle. An option where you have the support of a team like Moove can make sure you don’t tackle any future speedbumps by yourself.
- Know what you’re getting yourself in for and read the fine print. Understand the exact costs involved and what you can afford. This beats any shocks further down the line regarding lease length, mileage fees, additional interest, or any costs you may incur due to damage etc.
The Moove Way
Fancy being on the road to owning a vehicle in less than a week? There are no delays to getting you on the road with our simple 3-step process. Our seamless subscription process allows drivers to get on the road without restrictions or fear of being rejected for finance. We’re all for mobility, cost transparency, and flexible finance options.
You’ll find it hard to come across a company that offers the all inclusive package that Moove does, allowing you to focus on the driving. You’ll be able to get on with earning without having to schedule maintenance, PHV licensing and MOTs. Plus, road tax and comprehensive insurance all come as part of the package with Moove.
Final Thoughts
Financing your PCO car doesn’t need to be a hassle. With expert help from the Moove team, you’ll be sure to enjoy your next vehicle soon and be on the road to owning it while you earn.
FAQ
It is car hire designed to allow PCO drivers to work and earn
You will need to have a vehicle which has a PHV (Private Hire Vehicle) licence to work as a driver. These licences are distributed by TfL and rely on cars meeting their requirements regarding age, model, condition and emissions.
Find out more here.
Follow this step-by-step process to apply for a PCO licence. This way, you can chauffer around customers, operate as a taxi service, and more.
