Personal Contract Plan (PCP)
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PCP funding options are available on all new and used vehicles less than 2 years old. It lets you drive more car for your monthly payment, whether it be a newer, bigger or a higher specification model. PCP is a hire purchase agreement and just like regular hire purchase, you can trade-up or break out at any point by clearing the outstanding balance.
Some benefits of funding via PCP;
We encourage our customers to take a long-term view when choosing their repayment amount on PCP agreements.
• Lower fixed monthly payments. • Continuously drive the newest, safest, most technologically advanced model. • Keep maintenance and service costs to a minimum. • Enjoy all of the monetary positives whilst being protected from any negatives. • Your vehicle has a guaranteed minimum future value, so you do not have to be concerned about depreciation. The Guaranteed Minimum Future Value (GMFV*) is guaranteed so at the end of the agreement if the car is worth less than the final payment you don’t have to worry and if it is worth more, it’s all yours to spend or put towards your next car.
The greater your deposit/part exchange, the lower your monthly repayment will be. However one should expect to put in a similar deposit amount into the next PCP agreement on an equivalently priced car to keep a similar repayment.
Investigate taking cashback on your part exchange or reducing your cash deposit to keep a higher but more consistent repayment for future agreements.
The equity at the end of a PCP agreement is determined by the market value of the car less the final payment (GMFV*).
*GMFV (Guaranteed Minimum Future Value). Subject to terms and conditions.
Enquire with us today to explore your PCP options. We look forward to hearing from you!
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