This is leasing a vehicle for a fixed period of time at a fixed monthly rental.

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Please see our dedicated section on PCP as a finance option.

This is the value of your used car taking into account depreciation, condition and mileage.

If you arrange your car finance using the PCP method and want to keep the car, you may need to pay an additional charge to pay the car.

You can exchange your existing car as part payment for your new car. Please see our dedicated section on part exchange and selling your car.

If your car is worth less than the amount you have left to pay on your loan.

If you arrange your car finance using the PCP method, you defer a percentage of the total cost of the car to the end of the contract. This percentage is known as the Minimum Guaranteed Future Value (M [..]

You are still liable for a loan if a car is written-off. Normal insurance only pays for the value of the car at the time of the accident or theft, which may be less than the amount outstanding on the [..]

Please see our dedicated section on Hire Purchase as a finance option.