Personal Contract Purchase (PCP)

A Personal Contract Purchase (also known as PCP) is designed to give you more options. It keeps your monthly payments low and provides a host of options at the end of the agreement.

Many people choose a personal contract purchase agreement as it helps them keep their monthly payments down and it suits their budget. PCP schemes are also very popular with people who have opted out of a company car scheme preferring instead to take a car allowance as part of their job.

Personal Contract Purchase benefits

• You're able to update your car more frequently
• You're able to afford a nicer car for a lower fixed monthly payment over a shorter term
• Guaranteed future value eliminates risk of negative equity and protects against depreciation
• Flexible options at the end of the agreement to fit in with your personal circumstances
• Ability to settle the agreement early and recieve a rebate on interest charges

How Personal Contract Purchase works

• Choose a deposit to suit your budget
• Select the length of your agreement usually between 18 - 42 months
• Make your monthly payments and at the end of the agreement choose one of three options:
  • Pay the optional final payment
  • Hand the car back to finance company and make no further payments (subject to condition of vehicle)
  • Part exchange the car for a new one