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What is Personal Contract Purchase?

With Personal Contract Purchase (PCP), you can purchase your vehicle with a deposit, monthly payments and, if you wish to own the vehicle at the end, a balloon payment (also know as the Guaranteed Future Value). Since you won’t have to pay for part of the car until the end of the contract, this gives you additional flexibility.

How does PCP work?

Similar to Conditional Sale, PCP is a straightforward agreement if looking for easy-to-meet payments and a short-term agreement.

PCP allows you to budget effectively with multiple options at the end of your contract. This allows room for flexibility especially if you’re unsure what you want to do with your vehicle at the end of your contract, or require lower monthly payments than a standard Hire Purchase Contract.

At the end of the agreement, you have three options:

  1. Part exchange your vehicle
    You can part exchange for a new one and start another contract, paying any excess mileage and/or damage (if applicable).
  2. Keep your car
    By paying the Guaranteed Future Value, the vehicle will be yours.
  3. Return your vehicle to us
    Should excess mileage and damage impact the value of your vehicle it could be worth less than the GFV, meaning that additional payment could be necessary.

Features & Benefits of PCP

  • Multiple options for the end of your contract.
  • Set monthly payment tailored to you.
  • You need not worry about the future resale value of the car as we set the GFV
  • Available on both new and used vehicles.