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What is PCP?

PCP (Personal Contract Purchase) is a type of vehicle finance agreement for personal customers looking to fund their brand new car in a manageable way.

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Advantages of PCP:
  • Low initial payment
  • Fixed monthly payments
  • You may be able to refinance the balloon payment
  • No depreciation concerns if you wish to walk away at the end
  • Maintenance and servicing can be included
  • Fixed balloon or guaranteed future value to purchase payment when you first take out the contract
  • Cost effective
  • Can be used to finance new or used vehicles


Disadvantages of PCP:
  • You will have to make a decision at the end of the contract as to whether you wish to sell the vehicle, return it or keep it – this is often seen as an advantage to most people.
  • You must have fully comprehensive vehicle insurance
  • Can be more expensive than Personal Contract Hire


More Information on Personal Contract Purchase:

PCP is ideal for any individual who would like options at the end of their finance agreement. PCP customers make an initial payment when they first take out the contract, then pay fixed monthly payments and finally have an Optional Final Payment (OFP) at the end of the contract which is also referred to as the GFV (Guaranteed Future Value).

You can trade in your vehicle at the end of the contract and take another vehicle from us. If the trade in value is larger than the OFP you will be able to use the difference towards a deposit on a new vehicle. Or, you can simply return the vehicle to the funder, as long as you have not exceeded the mileage and the vehicle is in an appropriate condition for its age there will be no charge. Finally, you can keep the vehicle either by paying the OFP in full or you will find that most companies offer the opportunity to re-finance the OFP.


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