Personal Contract Purchase
Personal Contract Purchase (PCP) is available to individuals as a vehicle finance agreement. You pay an initial deposit, followed by monthly payments during the length of the agreement, typically 2, 3 or 4 years that cover the depreciation of the vehicle.
When the agreement ends you have three options. You can choose to make the final balloon payment and take ownership of the vehicle, hand it back to the funder without making the balloon payment or use any remaining equity from the vehicle as an initial payment for a brand new vehicle.
The main benefits of personal contract purchase are the low initial rental, fixed monthly payments for ease of budgeting, flexible contract and mileage terms and a minimum guaranteed future value (MGFV) for the vehicle, agreed at the start of the agreement that removes the risk of negative equity.
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