Personal Contract Purchase Car loans

> Personal Contract Purchase
New cars may be bought through a Personal Contract Purchase (PCP) which is a form of financing organised by the car manufacturer or dealer. This will require you to give a deposit and agree to a MFGV or minimum future guaranteed value of the car, or in other words the value the dealer estimates the car will be worth by the end of the contract which is normally over a period of two to three years.

By the end of your PCP contract you have two options: You can return the car or you can pay an amount equal to the MFGV and thereby receive ownership of the car. Monthly payments tend to be lower but there are associated charges. A maintenance warranty may be required to keep the car close to it’s original quality. Another condition is that you sign up for comprehensive insurance. Also, there is a corresponding charge to any amount of mileage in exceeding the agreed limit for the period you use the car.

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