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Personal Contract Purchase

So what is it?

PCP is a flexible method of vehicle finance for personal customers looking to fund a new or used vehicle in a manageable way.

What is PCP?

Personal Contract Purchase is an increasingly popular method of financing a vehicle because you don't need to commit to purchasing the vehicle.

It simply allows you to use a vehicle for an agreed period of time before deciding what you want to do with it.

An 'Optional Final Payment (OPF)' (also known as a Guaranteed Future Value) is calculated by the funder at the start of your agreement. At the end of the agreement you then have three options..

What are my options?

  1. You can trade in your vehicle and use any equity for your next vehicle.
  2. You can return the vehicle to the funder for no charge, providing you have not exeeded the mileage and the vehicle is in an appropriate condition for its age.
  3. You can purchase the vehicle, either by paying the Optional Final Payment (OFP) in full, or by re-financing the OFP.


  • Low initial payment
  • Fixed monthly payments
  • You may be able to refinance the balloon payment
  • No depreciation concerns if you wish to walk away at the end
  • Maintenance and servicing can be included
  • Fixed balloon or guaranteed future value to purchase payment when you first take out the contract
  • Cost effective
  • Can be used to finance new or used vehicles


  • You will have to make a decision at the end of the contract as to whether you wish to sell the vehicle, return it or Keep it - this is often seen as an advantage to most people.
  • You must have fully comprehensive vehicle insurance

More Information on Personal Contract Purchase:

The monthly payments are not subject to VAT, however if you do take out the optional service package then you will have to pay VAT on the service costs.

For more information on Personal Contract Purchase or to request a quote click here.

How does PCP work?

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