What is a PCP?
A PCP, or Personal Contract Purchase, is a type of regulated hire agreement commonly used for personal finance. In a PCP arrangement, an individual can acquire a vehicle through a finance agreement with a final balloon being paid at the end of term. Key features of a PCP include; no early settlement fees, guaranteed balloon payment at the end of term, regulated agreement to ensure consumer protection
What are the other options for personal finance?
One alternative to a PCP would be a hire purchase. This works much like a PCP with monthly payments but without the option of a final balloon.
