personal contract purchase (PCP)
Personal Contract Purchase (PCP) is a scheme written in a private individual's own name.
It is especially popular with former company car drivers who have taken a car allowance and opted out of the company car scheme, or private purchasers wanting to get the best vehicle to fit their monthly budget.
key benefits
- low initial payment
- a low initial payment helps cashflow.
- choice
- many options available at the end of the term, including handing the vehicle back, purchasing outright or change vehicle again.
- flexibility
- settlement figure can be obtained at any time.
- maintenance option
- easy transition from company car can be made.
- tax benefits
- no company car tax to pay = more money in your pay packet!