What is PCP?
If you enjoy the buzz of buying a new car, take a look at our Personal Contract Purchase Plan. Put simply, it’s a short-term finance agreement that will help you change your vehicle more regularly.
The Benefits
- Shorter term finance agreement means you get to change your car more regularly.
- Flexibility to keep, return or exchange your vehicle when the agreement ends.
- Guaranteed Future Value (GFV) protects you against any potential falls in used car prices.
Pick your dream vehicle – used or new. Then roughly estimate what your annual mileage will be.
Based on what you’ve told us, we’ll work out the anticipated market value for your car once your contract finishes – i.e. the GFV. Then we’ll add any interest charges and take off your deposit, plus the GFV, from the price of your new vehicle – to work out what regular payments you’ll need to make. You’re free to drive away in your brand new vehicle once your agreement becomes official.
Keep – Just pay off the GFV – something we may even be able to help you finance.
Return – As long as it’s in good condition and within the agreed mileage, there’ll be nothing more to pay.
Swap – If you’d like to choose another vehicle, you can use the GFV towards a deposit.But you’re never tied down – you can trade in your car or sell it privately provided you’ve settled your account i.e. paid the GFV.
