Personal Contract Purchase (PCP)

PCP is available for all cars up to 5 years old, and for some prestige and sports car up to 7 years old.

You choose how much deposit to put into the agreement, and we arrange to finance the remainder for you over a set period (typically between 24 and 48 months.) At the end of the finance agreement, there is a final optional balloon payment. You can either pay this balloon payment to keep the car, or simply hand it back to the finance company without further charges (other than excess mileage or damage charges.)

Why choose PCP?

Fixed monthly payments – the rate of interest you pay remains the same for the whole term of the agreement.

Monthly payments are generally lower than those on a hire purchase agreement.

You can choose the length of the finance agreement to suit your budget.

You will own the vehicle outright once all payments, including the final optional balloon payment have been made.

The finance company bears the risk on the vehicle’s resale value.

Consider the following before choosing PCP.

While your monthly payments will be lower than an equivalent hire purchase, your equity in the vehicle will be lower at the end of the term when the balloon payment is due.

Mileage restrictions apply – your PCP quotation is based on the mileage you tell us you’ll cover in the car.

At the end of the agreement you can either pay the balloon payment to keep the vehicle or hand it back to the finance company. The finance company reserve the right to re-charge you if you have covered more mileage than you advised at the beginning, and for any damage to the vehicle that has an effect on its value.