This is certainly a form of hire purchase contract provided by vehicle dealers being means to cover a car or truck. In a PCP contract, you spend a deposit and continue steadily to make instalments that are regular frequently over three years. There was frequently a big lump sum repayment payment at the finish associated with the agreement.
During the end of this agreement you’ll either:
- Spend the last swelling amount and keep automobileefully the car, or
- Get back the vehicle to your vendor (it is possible to sign up for A pcp that is new on another car).
You may not acquire the vehicle through to the payment that is final made. You need to adhere to restrictions that are certain use and upkeep, such as for example mileage limitations and servicing responsibilities. PCPs can seem really appealing simply because they often have really low month-to-month repayments nevertheless they can be quite complex in comparison to other styles of car lease. You should comprehend all of the conditions and terms before you subscribe to a PCP.