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Personal Contract Purchase (PCP) |
What is PCP?
With a PCP agreement, a value is set for the car at the outset. This is calculated on a number of different factors including agreed mileage and the length of the agreement. Payment of this sum is then deferred until the end of the agreement.
Monthly payments are calculated so that during the term of the agreement, you repay the cash price of the car, less the deposit and the agreed value. Interest is also payable on the cash price less the deposit.
At the end of the agreement you then have 3 options:
- Purchase the car for the pre agreed price (the guaranteed value amount)
- Return the car and take another PCP agreement on another car, subject to status and return conditions
- Simply return your car to Freeway with nothing more to pay, subject to return conditions.
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