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Car loan vs PCP - can you tell the difference? Take our tricky video quiz to find out

From mileage penalties to owning the car outright, test your knowledge of both finance options here.

Journal Media Studio / YouTube

HOPING TO UPDATE your car for a new model in 2021? You’re not the only one. In a May 2020 survey by iReach and Toyota Ireland, 28% of people said they were planning to buy a new set of wheels in the next 12 to 18 months.

Buying a car is an exciting prospect, but one that always comes with plenty of decisions. There’s the engine type: will you look for petrol or diesel options, or are you ready to go electric?

Then there’s your preferred design: do you dream of a spacious SUV or a compact city car? And of course, there’s the age of the car: are you looking for a brand new set of wheels, or will you buy used?

The more informed you can be as a car buyer, the better the chance of finding a great-value vehicle that suits your needs.

And the same rule goes for how you finance your purchase – familiarising yourself with the ins and outs of each payment option means you won’t face any unwelcome surprises later. Will you own the car right away, for example? Do you have to pay a deposit? Are there hidden fees?

To help you on the road to becoming a more informed car buyer, we’ve created a quiz on a topic that often trips people up – the differences between a car loan and a PCP finance plan. Test your knowledge here or via the video above.

Imagine: a dream car that’s all yours. With a Credit Union car loan you’ll own the car from the outset, unlike hire purchase or PCP finance. There are no scary hidden fees, additional charges or balloon payments. Credit Union. Imagine More. Make a car loan enquiry online right here.

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