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Personal Contract Purchase is highly attractive and increasingly popular. It combines low, fixed monthly payments with exceptional flexibility at the end of the agreement.
Your car´s guaranteed future value is calculated (based on agreed mileage and age) and becomes deferred as a final payment (balloon).
PCP is ideal if you’re opting out of a company car scheme. You use your company car allowance to fund your PCP monthly payments without paying company car tax.
Crucially, you don´t commit to buying the car at the outset. Instead, you use it for 24-48 months, deciding at the end of the agreement what you want to do. Either:
• Buy the car by paying an agreed minimum residual value
• Part-exchange the vehicle for another
• Sell the vehicle privately (settling the balloon)