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Personal Contract Purchase

The most flexible option for individuals -

This is the most popular type of lease for you as an individual: you have the option to buy the vehicle at the end of the lease, but you are under no obligation to do so. Just like a Personal Contract Hire (PCH), you lease it for a set period of time, but you then have the option to buy it outright or hand it back (fair wear and tear rules apply) at the end.

The major difference to Personal Contract Hire is the option to buy the vehicle at the end of the term for an amount which is stated and guaranteed at the start of the agreement. This final payment would make you the legal owner of the vehicle, or alternatively the vehicle can be returned to the leasing company.

Monthly payments are fixed at the start of the lease term, and stay the same regardless of changes in interest rates or the used car market. The log book is in your name c/o the finance company. They own the vehicle (and therefore carry the associated risks) until it is returned or a final payment to buy it outright is made.

Payments are determined by your credit history plus the purchase price of the vehicle, duration of lease, anticipated contract mileage and final "option to buy" payment.

Road Tax is included for the first year of the contract. Servicing is your responsibility and can be carried out at any garage, not just main dealers. Full manufacturer’s warranty and breakdown recovery are also included.

PCP is regulated in the same way as Hire Purchase (HP) so any references to HP also relates to PCP for legal reasons.

Available to those with poor credit history.

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