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What is it?

This is becoming an increasingly popular method of purchasing. This has two main financing options, Personal Contract Hire (PCH) or Personal Contract Purchase (PCP).

Personal Contract Hire

The idea is simple, choose a car, length of agreement and anticipated mileage. Then pay a monthly sum over a set period of time, usually 2 or 3 years and return the vehicle at the end of the agreement. This enables you to change your vehicle regularly and avoiding the costs of owning a vehicle.

Advantages of Personal Contract Hire:
Personal Contract Purchase

This is very similar to PCH, again having payments over a set period of time and set mileage. The main difference with this agreement is the inclusion of a final balloon payment. This allows you to purchase the vehicle at a price agreed at the beginning of the term. This payment is called Guaranteed Minimum Future Value (GMFV) which means the minimum projected cost of the vehicle at the end of the agreed contract.

A PCP can be settled by the customer at any time if they pay the balance outstanding, including the GMFV to the lender.At the end of the PCP agreement the customer has three options:

  1. 1. Part exchange for another car
  2. 2. Pay the final payment and keep the car
  3. 3. Return the car and walk away
Advantages of Personal Contract Purchase:

What's Involved?

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Car Credit Assured will make buying the car you want easy!

  1. Call or apply online - our finance team today on 0330 108 3793.
  2. Get a decision - We will search our panel of lenders to ensure the best result for your credit status and call you with a decision as quickly as possible.
  3. Arrange an appointment - To ensure you receive the best possible experience we will call you and arrange an appointment at one of our dealerships at your convenience.
  4. Pick up your car - Once all documentation is received we aim to have you driving away as soon as possible.

Why Apply?

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