Personal Contract Purchase (PCP) Print
Similar to Hire Purchase, but with the added advantage of the finance company guaranteeing a minimum future value on the vehicle at the end of the period.

PCP is for private individuals who want the option of eventual ownership coupled with the security and peace of mind of the finance company guaranteeing that the vehicle will be worth a specified minimum amount (subject to normal wear and tear and an agreed mileage) at the end of the period.

In essence, you pay a low initial deposit followed by a fixed monthly rental for the period of the loan.

At the end of the agreement the guaranteed future value becomes relevant and you, the customer, have 3 choices:

  1. You can buy the vehicle by paying the guaranteed future value and the car is yours. This value is fixed at the start of the agreement and will be as stated on your original documentation.
  2. You can hand the car back to the finance company and take another car through Mann Island Finance. You are only liable for any excess mileage and any damage other than from fair wear and tear.
  3. You can part exchange the vehicle against a new vehicle of your choice.