When you have chosen your vehicle, you will then agree your annual mileage and decide on the agreement term with one of our Business Managers.

We will then determine the Guaranteed Minimum Future Value (GMFV) of the vehicle at the end of the agreement and work out a deposit and monthly amount that works for you.

At the end of your agreement you will then have three options:

Return – Simply return the car the back to us
Retain – Keep the car by paying the optional final payment
Renew – Trade it in for another car

For a quotation, help, or advice contact us and ask to speak to one of our Business Managers. 

• Monthly payments on a car financed by PCP are usually lower than if your car is financed by a Hire Purchase agreement.
• If you decide not to buy the car, you can simply walk away when you’ve made all the payments.
• Similar to PCH, you can drive away a new or used car every few years (dependent on the chosen term) without worrying about selling it on.
• If your car is worth more than the Guaranteed Future Value then you can use that equity towards a deposit on a new car.

• If you want to buy the car you will need to pay your final balloon payment (the Guaranteed Future Value).
• Similar to PCH, you will need to agree on a mileage allowance at the beginning of your contract and there may be excess mileage charges if you exceed this.
• You won’t be able to sell the car without settling the finance.
• You won’t own the car until you have made all of your repayments.
• You’ll need to keep the car properly insured, maintained and in your possession until the full value is paid off.

You can normally settle your agreement early by asking the finance company to provide you with a settlement figure. However, the finance company will require you to pay off the difference between what your car is worth, and what you still owe and there may be a difference which is known as negative equity. On the other hand, you may find that at the end of your term your car is worth more than the Guaranteed Future Value, which means you will have some positive equity to contribute towards your next car.