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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.