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Personal Contract Purchase

Personal Contract Purchase can be used by any individual, whether in business or not and essentially works in the following way: first you select the vehicle that's right for you, then decide which agreement term to go for…this is either 2 3 or 4 years. Next, simply estimate the mileage you expect to cover each year and choose a deposit you are comfortable with, including the anticipated value of any part-exchange. We would recommend that you aim to put down between 10% and 20% of the 'On the Road' RRP.

The manufacturer will forecast the future value of the car you've chosen and this is known as the Guaranteed Future Value or GFV. The GFV is the minimum value you can expect your car to be worth at the end of the PCP agreement, provided it is within the agreed mileage and in good general condition.

With PCP your monthly payments are fixed and will be less than with Hire Purchase Plans taken out over an identical term. This is because the GFV and deposit are deducted from the 'On the Road' RRP and payments are based on the remaining balance plus interest.

At the end of the agreement you can drive away in another brand new vehicle and this is the route chosen by many of our customers. Should you wish, you also have the option of paying the GFV (balloon payment) and keeping the vehicle or you may return it to the manufacturer with nothing further to pay.

Key Benefits

1. Low initial deposits
2. Ideal for opting out from the company car (no company car tax)
3. Low monthly payments
4. Option to purchase or return at the end of the agreement
5. Ability to change to a brand new vehicle on a regular basis

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