Chery Solutions Personal Contract Purchase (PCP)

Personal Contract Purchase (PCP) can be a good way to buy a car, but it depends on your own circumstances. PCP gives you the option to purchase the car at the end of the term with a final ‘balloon’ payment, or you can hand it back.

It’s possible to end PCP early. You’ll need to have paid over 50% of your balance and return the car to voluntarily terminate your agreement, or you can pay the full balance of the finance amount. There may be additional fees to consider. Contact your provider for a settlement figure.

PCP can be better suited for you than Hire Purchase (HP) if you want the option to switch your car at the end of your contract. HP car finance payments are usually higher than PCP because you’re paying the full cost of the car and don’t have a final balloon payment to consider.  

How easy it is to get approved for PCP car finance will depend on factors such as your personal situation, credit history, and the finance amount you’re applying for. There’s no way to know if it’s easier to get approved for PCP or a loan, but you may be able to get a soft credit check for either one to check your approval rate before you apply.  ​

The main difference between PCP and CS finance is that there’s typically no final balloon payment at the end of a CS agreement. You’ll own your Conditional Sale car once you’ve paid the full balance.  ​

The financial products we offer include Hire Purchase, Conditional Sale, Fixed Sum Loan, PCH, and PCP, although they may vary from time to time.​