Personal Contract Purchase (PCP)

A PCP is a popular finance agreement that has lower monthly payments because the guaranteed final payment of your vehicle defers a larger payment to the end of the finance agreement. In order to determine your vehicles guaranteed final payment, the age of the car and your annual mileage will be considered.

What are the benefits?

  • You have the guaranteed final payment of the vehicle which can provide lower monthly payments
  • There is no minimum deposit needed
  • Lower monthly payments allow you to plan and budget monthly
  • Guaranteed final payment reduces your risk
  • Finance is secured against the vehicle
  • Quicker change cycle - allows you to have a new car more often
  • Reduces maintenance costs
  • Makes your dream car more accessible

    How Does a PCP finance agreement work?

    Having chosen your vehicle, budget, mileage, term and deposit, we can agree a monthly payment that is both fixed and affordable. Guaranteeing the future value allows you to reduce your monthly repayments.At the end of the agreement you have 3 options:

    RENEW - Get a new car by part-exchanging yours, should there be any equity over and above the guaranteed final payment, you can use this as a deposit towards a new car

    RETAIN - Keep the cars and pay any outstanding charges including the guaranteed final payment

    RETURN - Return your car to the finance company, no further payment will be required if excess mileage and wear and tear conditions have been met. You may want to consider this option if the value of the car is less than the guaranteed final payment