That is a kind of hire purchase contract provided by vehicle dealers as a real means to cover a vehicle. In a PCP contract, you spend a deposit and continue steadily to make regular instalments, frequently over 36 months. There is certainly often a lump that is large payment at the finish for the agreement.
During the final end regarding the agreement you’ll either:
- Spend the lump that is final and keep carefully the car, or
- Return the automobile towards the vendor (it is possible to remove A pcp that is new on another vehicle).
You don’t have the vehicle before the last repayment is made. You need to adhere to restrictions that are certain use and upkeep, such as for instance mileage limitations and servicing responsibilities.