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Personal Contract Purchase, or PCP, is a finance agreement that’s ideal for those who want to keep the monthly cost of their vehicle low. At the beginning of the contract, a Guaranteed Future Value (GFV) is set for your car. This refers to the vehicle’s expected value at the end of the agreement.
After making your initial deposit, you pay fixed monthly instalments over the duration of the agreement – often three to five years. These pay off the depreciation of the car rather than its entire value, meaning the monthly cost is lower than with Hire Purchase. At the end of the contract you have three options:
Through the duration of the agreement, you’ll be required to keep your vehicle insured, maintained and in your possession – you won’t be able to sell it on without settling the finance. You’ll also need to agree a mileage allowance at the beginning of your contract.
To find out more about our PCP packages, or to take out an agreement on your chosen used vehicle, contact our sales team today.
