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Representative Personal Contract Purchase (PCP) Finance

You’re probably familiar with hire purchase agreements and how they work, however many people are now choose Personal Contract Purchase as a way to give themselves more options and more security when it comes time to change their vehicle. PCP works in a similar way to hire purchase, but uses the future value of your car to reduce your monthly payment. It also gives you extra security by guaranteeing that value.

On top of that PCP is much more flexible. At the end of your agreement you have three options regarding the settlement of your agreement. For more information read on.

Small deposits

PCP works best if you only pay a small deposit, ideally no more than 10% of the price of your car.

Use the value in your car

By using the future value of your car as an asset, PCP enables you to have a lower monthly payment than hire purchase.

What are my options at the end of the agreement?


Option 1

Pay the final value and keep your car


Option 2

Part exchange your car at the end of the agreement


Option 3

Hand it back, with the future value guaranteed

PCP agreements are ideal as long as you know roughly how much mileage you’re going to drive the car for during the period of the loan. Like Hire Purchase, you do not own the car financed by a PCP agreement until all the payments and fees have been paid. You will need to take care of the car, maintain it within the manufacturer’s guidelines and, if you choose to return it at the end of the agreement, ensure that you have done no more than the contracted mileage, otherwise excess mileage charges will apply.

As with any other finance agreement, Personal Contract Purchase is only available to people over 18 years of age and is subject to status.