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PCP Simply explained 

What is it?


Similar to a Conditional Sale agreement but with additional flexibility since part of the cost is deferred until the end of the agreement which may give you the benefit of lower monthly payments. The deferred amount is known as the Guaranteed Future Value (GFV) sometimes known as Optional Final Payment.


At the end of the agreement you have three options:
1. Retain the car – Simply pay the Guaranteed Future Value, and the car is yours.
2. Renew the car – Choose another car, using any excess part exchange value that is above the Guaranteed Future Value towards your deposit.
3. Return the car – There’s nothing more to pay if the car is in good condition and within the agreed mileage terms. 

This short video provides a simple explanation of Personal Contract Purchase and how it works.


Features and Benefits


  • A guaranteed fixed monthly payment, allowing you to budget with confidence
  • Potentially lower payments than a Conditional Sale agreement
  • Variety of options available at the end of the agreement
  • You can match the length of your agreement with the time you want to keep the vehicle.

How does it work?


  • The dealer will agree with you an estimated annual mileage and this will be used to determine the car’s Guaranteed Future Value (GFV)
  • You agree on the amount of deposit, and this figure combined with the agreement duration and GFV will determine the amount of your monthly payment
  • You sign the agreement, pay the deposit and then make the monthly payments

    The interest rate is fixed which means you’ll know exactly how much you will repay throughout the term of the agreement
  • At the end of the agreement we’ll write to remind you of the three available options
  • You decide which option is best for you. Your dealer may be able to help if you decide to part exchange the car.
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