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What is Personal Contract Purchase?

With Personal Contract Purchase (PCP), you can purchase your vehicle with a deposit, monthly payments and, if you wish to own the vehicle at the end, a balloon payment (also known as the Guaranteed Future Value). Since you won’t have to pay for part of the car until the end of the contract, this gives you additional flexibility.

How does PCP work?

PCP is a straightforward agreement with agreed monthly payments that allows you to budget effectively with multiple options at the end of your contract.  PCP offers more flexibility, especially if you’re unsure what you want to do with your vehicle at the end of your contract, or require lower monthly payments than a standard Hire Purchase Contract.

At the end of the agreement, you have three options:

1. Part exchange your vehicle

You can part exchange for a new one and start another contract.

2. Keep your car

You’ll need to pay an optional final payment (also known as the Guaranteed Future Value (GFV) or Balloon payment) and the vehicle will be yours. If you do not have the money to pay this in full, you may be able to refinance the remaining amount and own the car outright once all the payments have been made.

3. Return your vehicle to us

Should excess mileage and damage impact the value of your vehicle it could be worth less than the GFV, meaning that additional payment could be necessary.

Features & Benefits of PCP

  • Multiple options for the end of your contract.
  • Set monthly payment tailored to you.
  • You need not worry about the future resale value of the car as we set the GFV
  • Finance is available on both new and used vehicles.


Returning your vehicle

If you would like to return your vehicle at the end of your agreement , you will need to notify us via your online account.

Find out what to expect at the end of your agreement, with our helpful end of contract guide.


Personal Contract Purchase for Business 

We are pleased to offer Personal Contract Purchase on cars for Business users. To find out more please contact your local retailer

If you are a business customer looking to finance a new van from any of our manufacturers, we are pleased to offer PCP Pro. This is a product that is specifically designed for van users. 


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