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Personal Contract Purchase

Personal Contract Purchase (PCP) means you defer ownership until the end of the credit term. In effect, you are hiring or leasing the vehicle. At the end of the contract, you then have three options. You can return the vehicle (subject to mileage and condition), you can buy the vehicle by making what is known as a balloon payment, or you can trade the vehicle for another on a new plan.

PCP can be a good option if you want lower monthly payments and like to change your vehicle regularly. However, it is better suited to those with a good credit history and stable income.