Wanting lower monthly payments on your used car finance deal? Then perhaps PCP is for you. A personal contract purchase or personal contract plan is becoming more and more popular with used car buyers as a flexible way to buy. You can settle the loan at any time, and at the end of the finance agreement you have 3 options:
1. Pay the final payment and keep the car
2. Should your car not be worth the final payment value you have the option to hand it back to the finance company with nothing more to pay (Terms & Conditions do apply with regards to the vehicle’s mileage and condition).
3. The most popular option is to part exchange your car and settle the agreement. Any excess over and the above the final payment can be used as part of your next deposit. You can even choose to do this at any time during the agreement.