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PCP
PCP or Personal Contract Purchase is a type of car finance method that can be offered online for a variety of benefits to the customer. In fact, PCP is becoming increasingly popular and in demand. So if you are looking at the various possible finance loan options available today you should consider PCP.
What is PCP?
PCP stands for a Personal Contract Purchase. It is basically a method of car finance where the financial company buys the car you want for you and you pay monthly sums for a fixed term to the finance company. At the end of the term you can choose to keep the car, return it to the car finance company, privately sell the vehicle or exchange it for another one.
How Much does it Cost?
The cost of your PCP payments depends on a few factors. Firstly, how much deposit you can afford to put down will affect the value of your monthly payments along with the cost of the vehicle you can afford. Also, the period of time you wish to make payments over will affect the vehicle you can purchase and the value of the payments. If you wish to pay the PCP quickly, you can decrease the term time and pay larger sums in fewer months. If you wish to cut the cost of your vehicle down per month, you can pay for a longer period of time but with lower payments per month. The other main factor affecting the cost of your PCP plan is the vehicle you choose to purchase. The more expensive the vehicle, the more expensive your payment plan will be. The term time will usually be limited to a maximum of 48 months so you need to ensure you can afford the vehicle cost over this period of time.
How Can a PCP Plan Benefit Me?
We strongly recommend carfinanceforyou.com for the best PCP plan. With this company your PCP can offer you massive savings on the car you wish to purchase along with other PCP plan benefits such as:
1. No VAT on your monthly payments.
2. A guaranteed minimum future value.
3. Low fixed monthly payments.
4. Higher quality vehicles at a lower cost.
5. Low deposit requirements.
There are various other benefits a PCP plan can provide you and it is ideal for those who are unsure as to whether or not a new car purchase is right for them.
What Happens at the End of the Term?
At the end of the term you’re given four basic options. Firstly, you can keep the vehicle and pay off the balloon sum calculated at the start of your PCP plan to complete your purchase. If you wish to sell the car privately you must also pay off this sum when you do. You can also return the vehicle to the finance company if you don’t want it you can use the vehicle as a part exchange for a different car available from the finance company.
