Car finance option Personal Contract Purchase (PCP) is a type of car finance that allows you to buy a more expensive car at a lower monthly cost. At the end of a Personal Contract Purchase agreement, you have three choices: return the car, pay a balloon payment to keep the car, or use the car as a part exchange on finance for a new car.
“I decided to choose Personal Contract Purchase because of the three options at the end of the agreement. I like that I can choose between paying the balloon payment to own the car, refinancing on a new car or returning the car. It means I have more flexibility which is something I look for in a finance package.”
- Jack from Hammersmith
We discuss PCP in more detail over at our car finance glossary page and include common question and answers on this car finance option, please visit: Personal Contract Purchase explained.
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