PCP or Personal Contract Payment is an innovative way to fund the purchase of your next car. Quite simply what happens is that you put down a deposit or trade in, make regular monthly repayments over 36 months and then at the end of the term make a lump sum payment to close off the deal. This end payment is also referred to as the GMFV or Guaranteed Minimum Future Value.
A PCP on a 2016 car would typically work out as follows:
|Deposit or Trade in||€3,000|
|Repayment||€237 per month|
At the end of the term there are 3 options available:
A PCP normally suits a person who wishes to: