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Personal Contract Purchase

Personal Contract Purchase (PCP) is a finance agreement secured against the car. It is made up of fixed monthly repayments andan optional Final Payment which is deferred until the end of the agreement. Instead of paying for the whole car, your monthly payments are based on part of its value. Then at the end of the agreement you have a few options to choose from.


The finance company guarantees what they believe the car willbe worth at the end of the agreement. This is known as the Guaranteed Minimum Future Value (GMFV).Your monthly payments are then based on the length of your agreement (usually between 2 and 4 years), the size of your initial payment, the number of miles you intend to drive and the GMFV(plus any interest).At the end of the agreement you have a few options; you can choose to own the car, part exchange or sell it, or hand it back to the finance company.If you choose to own the car, you should know that there is a Final Payment which you must pay before you can become the legal owner. This Final Payment (otherwise known as a Balloon Payment) is made up of the GMFV and an Option to Purchase Fee.

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