Personal Contract Purchase – PCP

PCP is also a common way lenders provide loans to customers. It is a form of hire purchase, however, it works quite differently. You make similar affordable monthly installments over a period of the loan, typically 12-60 months, however, you do not automatically own the vehicle at the end of the agreement. You have a number of options, you make the final payment which includes a balloon payment, you hand the car back or part exchange it against a new one. Typically PCP has a lower monthly instalment on the same asset, however, it may not be the most cost effective for you. It can be used to finance cars, motorbikes, caravans and LCV vans.

This is more suitable for the customer who doesn’t want ownership, as the final payment can be a substantial value, and prefers to simply run a car at an affordable repayment walking away at the end of the agreement.

For more information about PCP car finance or to find out how we can help you, please don’t hesitate to contact Car Finance Northern Ireland today!

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