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What is Personal Contract Purchase (PCP)?


Personal Contract Purchase (PCP) is a finance product that allows you the opportunity to buy a new or a used car. It is similar to a Hire Purchase agreement as you will usually pay an initial deposit, followed by monthly instalments over a term typically between 18 to 48 months.What makes PCP different to Hire Purchase (HP) is that your monthly instalments are paying off the depreciation of the car, and not its entire value, over the course of the term.

How does PCP actually work?​

What are the advantages of PCP?

What should you consider when option for a PCP?

Can I settle my PCP agreement early?

What is Hire Purchase (HP)?


Hire Purchase is a way to finance buying a new or used car. You will normally pay an initial deposit and will pay off the entire value of the car in monthly instalments.

When all the payments are made, the Hire Purchase agreement ends, and you own the car outright.

How does HP actually work?​

What are the advantages of HP?

What should you consider when option for a HP?

Can I settle my HP agreement early?

We typically receive a commission that is a percentage of the amount you borrow, which may vary depending on your credit score, the amount you borrow and the length of agreement which you select.