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Personal Contract Purchase

Personal Contract Purchase (PCP) is a type of vehicle finance agreement for personal customers looking to fund a new or used vehicle in a manageable way

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.

Advantages:

  • 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

Disadvantages:

  • 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:

PCP is ideal for any individual who would like options at the end of their finance agreement. PCP customers make an initial payment when they first take out the contract, then pay fixed monthly payments and finally have an Optional Final Payment (OFP) at the end at the end of the contract which is also referred to as the GFV (Guaranteed Future Value).

You can trade in or sell your vehicle at a dealership and take another vehicle from them. If the trade in value is larger than the OFP you will be able to use the difference towards a deposit on a new vehicle. Or, you can simply return the vehicle to the funder, as long as you have not exceeded the mileage and the vehicle is in an appropriate condition for its age there will be no charge. Finally, you can keep the vehicle either by paying the OFP in full or you will find that most companies offer the opportunity to re-finance the OFP.

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Testimonials

Kieran,

The service which I have received was excellent. He kept me informed and promptly answered all my questions in a helpful manner.

I would not hesitate to recommend your company to anyone.

Naveed Zafar

Peter,

Thanks very much for the great friendly and informative service thus far. It's been a joy dealing with you, you've been clear and always willing to assist and clarify my queries. Making the car buying experience more relaxed and enjoyable.

Thanks,

David

David Nyamatore

Dear John,

I’d like to take this opportunity to thank you for your assistance over the last few years and in particular in dealing with the sourcing of my most recent car.

Having dealt with you to source my previous 2 cars, going back to 2010, I was well aware of your high level of customer care and attention to detail which is very important to me.

During the period of my previous lease, you also regularly monitored my situation, and I therefore had no hesitation to use you to provide my replacement car.

Once again, the service and support you provided was first class, and at all times I was kept informed as to the progress of my order, and also advised regarding the return of my existing car, although this wasn’t actually part of your responsibilities.

I have in the past recommended you to both colleagues and clients, and I will continue to do so based upon your ongoing excellent service and the feedback I also get from others.

Yours Sincerely,

Mark East

MOORE THOMPSON

Mark East

Amelia,

I wanted to say thanks for all your help throughout the process of getting my new Tesla 90D. From the start of the first call you demonstrated a perfect balance of being friendly and helpful while fast and efficient. The way you kept me informed each step of the way was exemplary - telling me what you would do, what would happen next and then confirming when it was done.

I've recommended you already and will continue to- well done and thank you for all your help.

Kind Regards,

Rob Pickering

Rob Pickering

Pete,

Thank you for sorting out the new van! It drives like a ferrari!


Kevan

Kevan

Alex,

Thank you for managing to find a physical car with the exact specifications my wife wanted, something no other company could achieve. Also, for having patience with a very awkward and hard to please customer! Can't recommend this company highly enough! Fantastic from beginning to end.

Paul Sharpe

Dear Marvin,

Thank you so much for your exceptional efforts to ensure that I received my car today. I know that it was a tall order but I am very pleased and all went according to plan today.

I know that people often don't seem to appreciate all the work that people put into these things but please believe me when I say that I am very, very grateful.

If you have a manager that you can pass this message on to, please do so - in this day and age people always forget to say when service is good.

Thank you so much.

Lia

Lia Copestake

Amelia,

Thank you so much for organising a car for my fastidious neighbour and dealing with him in such a professional and patient manner- he was really impressed!

I also want to thank you for the professional and friendly way you have dealt with the contract for my own car which is due for delivery shortly.

Gail Siddall

Peter,

The Entire transaction was handled sensitively, professionally, enthusiastically and with a determination to get the best deal for me.

Thank You.

Ian Barrett

The whole process was simple and smooth from start to finish, Kieran answered all my questions and left no stone unturned.

Usama Elmi

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