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Personal Contract Purchase

Personal Contract Purchase (PCP) is a popular choice for car finance. It offers flexibility at the end of the agreement, along with low, fixed monthly payments.

PCP is appropriate, if you are opting out of your company car scheme. Your company car allowance can fund your monthly payments.

At the beginning of a PCP agreement, your car's guaranteed future value (GFV) is calculated, based on an agreed mileage and term. This is deferred until the end of the agreement and referred to as a final 'balloon' payment.

With a PCP agreement, you use it for an agreed period of time (24-48 months) and then decide at the end of this period what you would like to do, you have four options:

• Buy the car at the end of the agreement by paying the agreed minimum residual value
• Sell the car privately or trade in the car (settling the balloon)
• Or, subject to mileage and condition, return the car with nothing more to pay, even if the value of the car is less than the guaranteed future value (GFV)

The benefits of Personal Contract Purchase:

• Low risk - a minimum future value at the end of the agreement is guaranteed
• Low deposit.
• Low fixed monthly payments.
• Flexibility at the end of the agreement
• The GFV enables the choice of a higher value car