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Personal Contract Purchase (PCP) Car Finance

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Personal Contract Purchase (PCP) Car Finance

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    you choose if you want to own the car at the end of the agreement

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    Lower Set Monthly Payments

    perfect for budgeting

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    Low Deposit

    allowing you to free up cash

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    Guaranteed Minimum Future Value

    protecting you from market fluctuations

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    Change Cars

    ability to change your vehicle more often

    Personal Contract Purchase (PCP) Explained

    Personal Contract Purchase (PCP) Car Finance

    At Oracle Finance we offer a broad range of finance products including Personal Contract Purchase.

    Personal Contract Purchase, also known as PCP, is an increasingly popular way to fund the purchase of a prestige car. Best described as the equivalent of a long-term rental, allowing you to use the car until the contract ends before deciding whether to keep it or change it.

    If you’re opting out of your company car scheme, PCP is an ideal choice. Your company car allowance can fund your monthly payments, without paying company car tax.

    At the beginning of the agreement, your car’s ‘Guaranteed Minimum Future Value’ (GMFV) is calculated, based on agreed mileage. This is then deferred as a final payment made at the end of the agreement, often referred to as a ‘balloon’ payment.

    Deferring the GMFV to the end of the agreement in this way means that your regular monthly payments are lower than those on a comparable HP agreement over the same term.

    At the end of the agreement PCP offers a number options:

    • Purchase the car, by paying the final balloon payment
    • Hand the car back and walk away
    • Use any equity in the vehicle as a deposit towards your next car
    • Refinance the final balloon payment

    Before choosing a PCP, you need to consider the following:

    • You will need to agree up front the mileage you will cover and stay within this
    • Early termination may result in additional costs
    Current representative APR

    7.95% APR

    Oracle Finance is a Credit Broker and not a Lender.

    This means that we deal with a wide range of financial institutions to give our customers a greater choice of competitively priced options. For your protection, Oracle Finance is authorised and regulated by the Financial Conduct Authority for the sale of consumer credit. Oracle Finance is a trading name of Oracle Asset Finance Limited.

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