There are lots of different ways to fund your new wheels, including: Car loan. Take out a personal unsecured loan to buy the car outright and then pay back the cost in monthly repayments to your loan provider over a fixed term. Hire Purchase. Spread the cost of a new car across a series of instalments. Once you've made the last payment, you will own the car. Personal Contract Purchase. PCP is similar to car leasing, but at the end of the contract you can make an optional final payment – sometimes known as the ‘balloon payment’ – to buy the car outright.