Personal Contract Purchase (PCP) is a popular choice both for private drivers and employees who opt out of a company car scheme to take the cash alternative.
HOW IT WORKS
PCP, or Personal Contract Purchase, can be funded from your company car or mileage reclaim allowance. You choose the car, the deposit, for how long you want the contract to run and the mileage you intend to do. Your payments effectively cover the vehicle’s estimated depreciation and, in return, you enjoy fixed-cost motoring for the term of the contract.
Your car can be brand-new or pre-owned. If the latter it cannot exceed 48 months old at the end of the contract. So if the car were six months old the maximum contract length would be 42 months; a 12-month-old car could only be financed over a 36-month period and so on to a maximum of 24-months old with a maximum mileage of 24,000 miles.
At the end of the contract you have a choice either to buy the car outright for an agreed lump sum – Guaranteed Final Value (GVF) or balloon payment, or to hand the vehicle back to the lender and walk away with absolutely no further obligation.
PCP enables you to get the brand-new (or used) car that you probably thought was beyond your reach, enjoy significant tax benefits, and combine all your motoring expenses into one affordable monthly payment.
Our fleet purchasing power means we can source your vehicle of choice on exceptionally competitive terms. After, typically 14 days, we deliver your car free of charge to your door.
IS PCP RIGHT FOR ME? CONSIDERATIONS:
By continuing to use the site you agree to our privacy & cookies policy