A side view of a white hatchback car. The front 10% has a pink background representing the initial deposit. The middle 70% of the car has a blue background, representing the payments across the length of the Personal Contract Purchase Agreement. The remaining 10% has no background, representing the three options you have at the end of a PCP deal.

Personal Contract Purchase

What is Personal Contract Purchase


Personal Contract Purchase (PCP) is another popular car finance lending option we offer, comprising of low fixed monthly payments over an agreed term.

Unlike hire purchase and leasing agreements, you get the option of either keeping the car or returning it at the end of a PCP agreement.

Monthly payments do not cover the full cost of the vehicle but instead the depreciation of the vehicle over the agreement term. To secure ownership of the vehicle at the end of the agreement, you would need to make a final balloon payment.

Alternatively, if you choose to simply return the vehicle, then there are no further payments owed and you can even use any positive equity on vehicle towards a deposit on your next car.

 

Apply for PCP today and receive an instant decision.

3 Easy Steps To Get PCP


Step 1:

Complete a quick online application that does not affect your credit profile.

Note: at this stage it doesn't matter if you have yet to find a car, or if you don't know exactly how much you need to borrow.

 

Step 2:

Once your application has been accepted a friendly consultant will make contact with you to discuss your requirements and finance options.

Your consultant will be dedicated to support you throughout the process and to ensure you get the fairest agreement that suits your individual circumstances.

 

Step 3:

Once you have agreed your loan terms your dedicated consultant can also help you find the car you want and work hard to get you the best deal across our trusted national dealer network.

 

Apply for PCP now

PCP End Of Contract - Your Options


Option 1 - Own the car

By paying the optional balloon payment (outstanding cost of the vehicle) after your final monthly instalment, you can secure complete ownership of the car.

Under your ownership you are then free to drive the car as you wish with no mileage limits as you had before.

 

Option 2 - Return the car

After your final monthly instalment you can simply return the car to us with nothing else owed (subject to excess mileage and return conditions).

You can then look at acquiring another car or a newer model. Any positive equity left on the car you can use for a deposit on your new car (subject to terms and conditions).   

 

Advantages Of PCP Finance


Choosing PCP as your finance option can be perfect if you want to keep costs low and your options open.

PCP deals are usually only available to individuals with a good or excellent credit rating, so if your credit score has had a few knocks, Hire Purchase (HP) might be a better option for you.

The choice of multiple settlement options and low monthly costs can make PCP an attractive finance option. See other advantages of PCP below.

 

Apply online today for a no obligation quote, without affecting your credit score.

 

Why Choose PCP?

Choose the deposit amount and contract length to suit you

Driving a newer car for less

Lower payments, making budgeting easier

Flexibility on your end of contract options

PCP Finance Example


Image of a white hatchback car. The front 10% has a pink background representing the initial deposit. The middle 70% of the car has a blue background, representing the payments across the length of the Personal Contract Purchase Agreement. The remaining 10% has no background, representing the three options you have at the end of a PCP deal.  A coloured line below the image is 10% pink deposit, 70% dark blue monthly repayments, representing how much the price of the vehicle is divided across the agreement, and 10% grey, representing the different purchase options at the end of a PCP deal.

Rates start from 9.9% APR.

Representative example: borrowing £7,500 over 48 months with a REPRESENTATIVE APR of 24.9%, an annual interest rate of 24.9% (Fixed) and a deposit of £0.00, the amount payable would be £238.10 per calendar month, with a total cost of credit of £3,928.80 and a total amount payable of £11,428.80.

Rates may differ as they are dependent on individual circumstances. Rates from 9.9% APR: the exact rate you will be offered will be based on your circumstances, subject to status. 

 

Work out your monthly budget using our PCP Finance Calculator

 

Terms and conditions apply. Subject to status

What You Will Need To Apply


Applying for car finance is a very simple process. And to make the process as fast as possible for you, this what you will need to have to hand.

1. Driving License

You'll need to be able to prove your identity in order to qualify for finance. The simplest way to do this is to use your driver's licence, as this is the most common form of identification accepted by vehicle lending companies.

You may be able to use your passport as proof of identity in some cases, however this will depend on the lender we match you with.

2. Proof of Income

You may be required to supply between one to three months’ worth of payslips or bank statements

3. Address History

Because traceability is a crucial component of your application, you may be required to supply your address history for the previous one or two months when applying for car finance

 

Apply online today for a no obligation quote, without affecting your credit score.

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Your application only takes a couple of minutes.

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