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Personal Contract Purchase (PCP) is a popular finance product that enables you to buy or lease a new or used Mazda vehicle by paying for it over an agreed period of time. When you’ve chosen your car, you’ll pay an initial deposit followed by monthly instalments over a pre-agreed term – usually between 18-48 months.
With PCP, you aren’t paying for the full value of the vehicle. Instead, you’ll pay off the depreciation value, that is, the full value of the car now minus its Guaranteed Minimum Future Value (GMFV) at the end of your agreement. This means monthly payments are typically cheaper than with other schemes such as Hire Purchase.
At the end of the contract, you have three options: you can hand the vehicle back with no further commitments, part-exchange it for another vehicle of your choice, or make a balloon payment to take full ownership of the car.Personal Contract Purchase (PCP) is a popular finance product that enables you to buy or lease a new or used Mazda vehicle by paying for it over an agreed period of time. When you’ve chosen your car, you’ll pay an initial deposit followed by monthly instalments over a pre-agreed term – usually between 18-48 months.
With PCP, you aren’t paying for the full value of the vehicle. Instead, you’ll pay off the depreciation value, that is, the full value of the car now minus its Guaranteed Minimum Future Value (GMFV) at the end of your agreement. This means monthly payments are typically cheaper than with other schemes such as Hire Purchase.
At the end of the contract, you have three options: you can hand the vehicle back with no further commitments, part-exchange it for another vehicle of your choice, or make a balloon payment to take full ownership of the car.
Personal Contract Purchase (PCP) is a popular finance product that enables you to buy or lease a new or used Mazda vehicle by paying for it over an agreed period of time. When you’ve chosen your car, you’ll pay an initial deposit followed by monthly instalments over a pre-agreed term – usually between 18-48 months.
With PCP, you aren’t paying for the full value of the vehicle. Instead, you’ll pay off the depreciation value, that is, the full value of the car now minus its Guaranteed Minimum Future Value (GMFV) at the end of your agreement. This means monthly payments are typically cheaper than with other schemes such as Hire Purchase.
At the end of the contract, you have three options: you can hand the vehicle back with no further commitments, part-exchange it for another vehicle of your choice, or make a balloon payment to take full ownership of the car.
Yes, this is usually possible by asking your finance provider to supply a settlement figure. This figure will include any unpaid instalments and any remaining interest. However, it’s worth considering that the finance company may require you to pay off the difference between what the vehicle is worth and what you still owe, which could result in negative equity. Speak to one of our advisors today for assistance.
Hire Purchase (HP) is a great way to fund the purchase of a new or used Mazda car if your aim is to be its owner at the end of the agreement. When you’ve chosen your car, you’ll pay a deposit followed by monthly instalments that cover its full value. At the end of the contract, you’ll make a final payment called an Option to Purchase fee, and take ownership.
Yes – in fact, if you’ve paid off two thirds of your repayments, the options to end the finance agreement early open up. You can pay off the balance with a settlement fee, which covers the unpaid instalments and any remaining interest. Once this is paid, you’re the full owner of the vehicle.
FinanceBelow we outline the finance products available to you to fund your new car purchase. Our team are available to assist with any questions, whether up front or throughout the journey should you wish to purchase online.Tailor Your Finance
Personal Contract Purchase (PCP) is a finance product that allows you the opportunity to buy a new or a used car. It is similar to a Hire Purchase agreement as you will usually pay an initial deposit, followed by monthly instalments over a term typically between 18 to 48 months.What makes PCP different to Hire Purchase (HP) is that your monthly instalments are paying off the depreciation of the car, and not its entire value, over the course of the term.
Hire Purchase is a way to finance buying a new or used car. You will normally pay an initial deposit and will pay off the entire value of the car in monthly instalments. When all the payments are made, the Hire Purchase agreement ends, and you own the car outright.
