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How to Compare Car Finance Deals Before Buying a New SUV

A practical guide to comparing like-for-like new SUV finance quotes, from total cost and PCP balloons to mileage limits and end-of-contract terms.

By CarCody Team 5 min read

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Compare written quotes for the exact SUV by looking at the total amount payable and the contract terms—not just the monthly payment. Keep the car’s cash price separate from finance incentives, and match the deposit, term, mileage allowance and specification before you judge one deal against another.

Start with the SUV’s cash price

Ask each dealer for the cash price of the same make, model, trim and options, including any discount. Ask them to show any manufacturer or dealer finance contribution separately. This makes it easier to distinguish the price of the SUV from the cost and conditions of borrowing.

Get the figures in writing. A quote for a different specification, deposit or contract term is not a like-for-like comparison, even if its monthly payment looks lower.

Build a like-for-like quote comparison

Record the following for each offer. Keep any part-exchange value distinct from the cash deposit so you can see how much money you are putting in and how the vehicle is being valued.

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  • Cash price, discount and finance contribution, listed separately.
  • Customer deposit and part-exchange value, shown separately.
  • Amount of credit, APR, interest and fees.
  • Contract term, monthly payment and total amount payable.
  • For PCP, the optional final balloon and total payable if you pay it to own the SUV.
  • If you may return the car, annual mileage allowance, excess-mileage charge, wear-and-tear standard, damage charges and return process.
  • Early-settlement or early-return terms and any other contractual fees.

Compare the total amount payable as well as whether the monthly payment fits your budget. Which? recommends comparing total payable because it takes account of discounts, deposit contributions, APR and future value: Which? on car finance options. MoneyHelper’s PCP checklist likewise prompts buyers to check the deposit, balloon, monthly payment, interest, APR, total cost, term, mileage, condition, fees and early-return terms: MoneyHelper’s PCP guide.

Understand what each type of finance means

Different products can serve different goals. Compare the ownership outcome alongside the cost; a lease is not directly interchangeable with a product intended to lead to ownership.

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Option How payments work Ownership outcome Terms to focus on
PCP Deposit and monthly payments, followed by an optional final balloon if you want to buy the car. You can pay the balloon to own it; otherwise, end choices can include returning it, subject to the contract, or arranging another option. Balloon/GMFV, total payable if buying, mileage, condition and end-of-contract charges.
HP Deposit followed by regular payments towards the vehicle. Designed to lead to ownership after the agreement is completed. Total repayment, APR, deposit, term and monthly affordability.
Personal loan You borrow to buy the car and repay the loan under its terms. You own the car; compare the loan’s APR and total repayment with dealer-arranged finance. APR, total repayment, fees and how the loan payment fits your budget.
Cash You pay the purchase price from savings. You own the car without a finance agreement. Cash price and how using savings fits your circumstances.
PCH (lease) You pay an initial rental and regular lease payments to use the car. Provides use rather than an ownership option in MoneyHelper’s comparison. Initial rental, monthly payments, mileage, condition and end charges.

MoneyHelper compares these buying methods and their payment and ownership outcomes in its guide to how to buy a car. The right route depends on your circumstances and whether you want to own the SUV.

Check the total cost, not just the monthly payment

A smaller monthly instalment can reflect a longer term, a larger deposit, a finance contribution or, with PCP, a substantial amount deferred to the final balloon. It does not by itself show which offer costs less overall.

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For a PCP comparison, calculate the total payable for the outcome you actually expect. If you plan to own the SUV, include the balloon and consider whether you can pay it or would need to borrow again. If you expect to return it, account for the mileage and condition requirements rather than treating the monthly payments as the only cost.

MoneyHelper gives an illustrative—not current-market—PCP example on its undated page checked in 2026: a £20,000 car with a £3,000 deposit, a three-year term, 6% interest and a £7,000 GMFV is described as about £350 a month, with approximately £2,500 interest and £22,500 total if the balloon is paid. Insurance and running costs are excluded. These figures illustrate how a balloon affects the ownership total; they are not a current offer or a typical rate. See MoneyHelper’s PCP guide.

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Know what happens at the end of a PCP

PCP has a deposit, monthly payments and an optional final balloon, also called the Guaranteed Minimum Future Value (GMFV). The balloon is set at the start based on the vehicle’s projected end value. Because the monthly payments do not repay the full car price, PCP can have lower monthly payments than HP while leaving a large payment if you want to own the car.

At the end, you can generally pay the balloon to buy the vehicle, or choose a return or another arrangement subject to the contract. The FCA describes PCP’s structure and end choices in its diagnostic report on motor finance commission arrangements. If returning, check the mileage and condition obligations in the agreement. PCP also does not remove the owner’s responsibility for running costs such as insurance, fuel, repairs and maintenance, as MoneyHelper explains in its PCP guide.

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Compare HP, loans, cash and leasing against your goal

If you want to own the SUV

HP is structured to lead to ownership when the agreement is completed, and its monthly payments are typically higher than PCP’s because they pay towards the whole vehicle rather than deferring a large balloon. MoneyHelper suggests asking about lowering both the vehicle price and APR when considering Hire Purchase.

A personal loan can also fund an outright purchase, leaving you as the owner. Compare its APR and total repayment with the dealer’s written finance quote. Paying cash avoids borrowing interest but uses savings; weigh that against your own financial circumstances.

If you want use rather than ownership

PCH is a lease, not a purchase route: MoneyHelper’s comparison describes it as providing use of the car without an ownership option. Compare the initial rental and monthly payments, plus mileage, condition and end charges, with the cost of the alternatives. It may suit a different goal from buying, so do not call it cheaper or more expensive without matching the outcome you want.

Check mileage, condition and early-exit terms

For any offer where you might return the SUV, read the agreement’s limits and charges before signing. A mileage allowance that does not match your driving could change the eventual cost; condition standards and damage charges matter at return. Also check the process for returning the car and what early settlement or early return involves.

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  • Is the annual mileage allowance realistic for your use?
  • What is charged for excess mileage?
  • How does the agreement define acceptable wear and tear?
  • How are damage charges assessed, and how do you arrange return?
  • What terms, fees or calculations apply if you want to exit early?

MoneyHelper advises that the appropriate method depends on personal circumstances. If a term or figure is unclear, its PCP guidance says: “If you don’t understand the deal you’re being offered, ask your dealer to explain it.” Review the agreement documents and obtain current written figures for the actual SUV before deciding; rates, offers, eligibility and vehicle prices change.

Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.

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