{"id":5499,"date":"2022-08-10T12:00:00","date_gmt":"2022-08-10T12:00:00","guid":{"rendered":"https:\/\/www.credit-score.com\/blog\/?p=5499"},"modified":"2022-08-22T10:32:03","modified_gmt":"2022-08-22T10:32:03","slug":"personal-contract-purchases","status":"publish","type":"post","link":"https:\/\/www.check.co.uk\/blog\/cars\/personal-contract-purchases\/","title":{"rendered":"Looking at Personal Contract Purchases to finance a car? Read this first"},"content":{"rendered":"\n<p>If you\u2019re looking at options for car financing, you might be looking into Personal Contract Purchases, or PCPs. PCPs are attractive to car buyers, because they allow you to buy a car in instalments over a number of years, while getting to use the car. However, are they as great a deal as they first appear?<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_79_2 counter-flat ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">What&#039;s Included?<\/p>\n<span class=\"ez-toc-title-toggle\"><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.check.co.uk\/blog\/cars\/personal-contract-purchases\/#What_is_a_Personal_Contract_Purchase\" >What is a Personal Contract Purchase?<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.check.co.uk\/blog\/cars\/personal-contract-purchases\/#How_Personal_Contract_Purchases_work\" >How Personal Contract Purchases work<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.check.co.uk\/blog\/cars\/personal-contract-purchases\/#What_credit_score_do_you_need_for_PCP_finance\" >What credit score do you need for PCP finance?<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.check.co.uk\/blog\/cars\/personal-contract-purchases\/#What_PCP_providers_look_for_in_an_applicant\" >What PCP providers look for in an applicant<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.check.co.uk\/blog\/cars\/personal-contract-purchases\/#Affordability\" >Affordability<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.check.co.uk\/blog\/cars\/personal-contract-purchases\/#Buying_the_right_car\" >Buying the right car<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.check.co.uk\/blog\/cars\/personal-contract-purchases\/#Creditworthiness\" >Creditworthiness<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.check.co.uk\/blog\/cars\/personal-contract-purchases\/#What_to_consider_when_applying_for_Personal_Contract_Purchases\" >What to consider when applying for Personal Contract Purchases<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/www.check.co.uk\/blog\/cars\/personal-contract-purchases\/#Alternatives_to_Personal_Contract_Purchases\" >Alternatives to Personal Contract Purchases<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/www.check.co.uk\/blog\/cars\/personal-contract-purchases\/#Crediblle_offers_two_fabulous_solutions\" >Crediblle offers two fabulous solutions.<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_is_a_Personal_Contract_Purchase\"><\/span>What is a Personal Contract Purchase?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>A Personal Contract Purchase, or PCP, is a long-term contract that allows you to use a motor vehicle without having to buy it outright.<\/p>\n\n\n\n<p>When the contract ends, you can give the car back, buy it for its resale value, or use the resale value to buy a new car.<\/p>\n\n\n\n<p>A PCP is a form of credit, so you need to prove you\u2019re <a href=\"https:\/\/www.check.co.uk\/blog\/creditworthiness-lender-score\/\">creditworthy<\/a> to enter one. This means you need to pass a credit check and pay a deposit.<\/p>\n\n\n\n<p>Be aware that the agreement will last years, so be sure to pick a reliable vehicle that will last the life of the contract.<\/p>\n\n\n\n<p>A PCP does not work in the same way as a mobile phone contract that includes a handset. You will not own the car at the end of the contract period, and if you want to keep it you will have to pay extra on top of what you\u2019ve already paid.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_Personal_Contract_Purchases_work\"><\/span>How Personal Contract Purchases work<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Before you apply, ensure that you are creditworthy. If that\u2019s okay, be sure that you have enough money saved up to pay a deposit, which is usually 10% of the value of the vehicle.<\/p>\n\n\n\n<p>When you apply, the lender will check that you pass their credit checks. If you do, they will then ask you to pay a deposit. Once you\u2019ve paid the deposit, they\u2019ll finance the vehicle.<\/p>\n\n\n\n<p>You can use the car, but make sure to read the terms of your contract. Lenders are often sneaky about exactly how they want you to use the car.<\/p>\n\n\n\n<p>When the contract term ends, you have a few options for what to do next.<\/p>\n\n\n\n<p>If you want to keep the car, you can pay a final \u201cballoon payment\u201d, which is a lot bigger than your regular payments. This payment is calculated at the start of the contract, based on how much the lender thinks your car will be worth at the contract\u2019s end. This final payment lets the lender avoid any losses they might make due to changes to the car\u2019s resale value.<\/p>\n\n\n\n<p>You can also hand the car back, making no further payments. You can also pay off the resale value, and use this as a deposit to get a new PCP with a new car.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_credit_score_do_you_need_for_PCP_finance\"><\/span>What credit score do you need for PCP finance?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>For a Personal Contract Purchase, you need to be able to prove that you can make the payments each month. We call this creditworthiness. It\u2019s the same thing used to determine whether you should be approved for personal loans, mortgages, credit cards and mobile phone contracts.<\/p>\n\n\n\n<p>What credit score you will need will vary between the main Credit Reference Agencies. Equifax, Experian, TransUnion and Crediva all use their own scoring systems. It\u2019s worth noting, as well, that lenders don\u2019t always use your credit score to determine whether they should lend to you. Instead, they use your credit report, which contains a much more detailed breakdown of your credit history.<\/p>\n\n\n\n<p>With <a href=\"http:\/\/credit-score.com\/\">Credit-Score<\/a>, you can see what a lender will see when you apply for credit. Rather than just a flat score, Credit-Score shows you exactly which points you need to improve. The 24-Factor Credit Check helps you to make informed decisions to improve your creditworthiness. Before taking out a PCP, consider <a href=\"http:\/\/credit-score.com\/register\">joining Credit-Score<\/a>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_PCP_providers_look_for_in_an_applicant\"><\/span>What PCP providers look for in an applicant<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Your credit report doesn\u2019t tell the whole story when it comes to Personal Contract Purchases. Think <strong>ABC.<\/strong><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Affordability\"><\/span>Affordability<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Just having a good credit score isn\u2019t enough. You also need to prove that you have enough income to meet the criteria. You could have the cleanest credit report in the world, but if you can\u2019t afford to make the payments every month, the provider will reject your application.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Buying_the_right_car\"><\/span>Buying the right car<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Not all cars are created equal. Some are riskier than others. A nice Volkswagen hatchback or a Vauxhall saloon isn\u2019t likely to raise a lender\u2019s hackles. A Lamborghini or a Mustang is.<\/p>\n\n\n\n<p>Even some flash consumer models, like BMWs or Jaguars, may be a cause for concern. If you\u2019re looking to take out a PCP, be sure to stick with something reliable and reasonable.<\/p>\n\n\n\n<p>If you really are dead-set on taking out a PCP on a flash car, be aware that you will be subject to higher fees from specialist lenders.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Creditworthiness\"><\/span>Creditworthiness<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>And of course, you need to prove that you\u2019re creditworthy. This simply means that you have a credit report that will encourage lenders to see you as a reliable borrower. This means paying rent and bills on time, keeping up with credit card payments, and so on.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_to_consider_when_applying_for_Personal_Contract_Purchases\"><\/span>What to consider when applying for Personal Contract Purchases<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Right up top, it\u2019s important to know that PCP lenders, like all lenders, are in it to make money. They don\u2019t lend money out of the goodness of their hearts, they want to make money off of your need to borrow.<\/p>\n\n\n\n<p>With that in mind, there are a few pitfalls to be aware of.<\/p>\n\n\n\n<p>Because you don\u2019t own the car, you need to take special care to make sure the car is kept in good condition. Read your contract to make sure you know your mileage limits, and ensure you don\u2019t damage the car during your time using it.<\/p>\n\n\n\n<p>Also bear in mind that if you try to cancel the PCP early, there will be a charge to get out of it.<\/p>\n\n\n\n<p>Close to in five people who take out a PCP don\u2019t end up buying the car afterwards, and end up paying for a new PCP to cover the cost. Four out of five end up giving the car back when the contract is up. If car ownership is your goal, a PCP may not be the best option for your circumstances.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Alternatives_to_Personal_Contract_Purchases\"><\/span>Alternatives to Personal Contract Purchases<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>If you feel that the disadvantages of a Personal Contract Purchase outweighs the benefits, there are other options.<\/p>\n\n\n\n<p>If you\u2019re not looking to own a car, only use it, a PCP is probably not your best option. Af Personal Contract Hire cuts out the middle-man and lets you hire a car to use, with the understanding that you will give it back in good condition at the end of the contract period. PCH works out cheaper than PCP.<\/p>\n\n\n\n<p>If you are looking to own a car, it may be better to consider taking out a personal loan, or saving up to pay for one in full. A PCP offers a kind of \u201cmiddle ground\u201d between car hire and car ownership, but it can work out more expensive than either option.<\/p>\n\n\n\n<p>Whatever you decide to do, make sure you\u2019re creditworthy by joining Credit-Score today. Start your journey towards credit approval for the things that really matter.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Crediblle_offers_two_fabulous_solutions\"><\/span>Crediblle offers two fabulous solutions.<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>If you\u2019re preparing to take a mortgage, never apply until you\u2019ve tried our unique and&nbsp;<a href=\"https:\/\/home.credit-score.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">FREE Credit-Score Home app.<\/a>&nbsp;Our smart technology will tell you what you need to fix so you avoid rejection. The app predicts when you will be able to buy, for how much and tracks your month-by-month progress to mortgage success. We\u2019ve even added your own mortgage broker, so you get the best deals available.<\/p>\n\n\n\n<p>More focused on your credit rating? Well, get started for free with&nbsp;<a href=\"https:\/\/www.check.co.uk\/register\" target=\"_blank\" rel=\"noreferrer noopener\">Credit-Score\u2019s 24- Factor Credit Check<\/a>&nbsp;to truly help you improve your creditworthiness and how lenders view you. (Remember: lenders don\u2019t use your credit score! We\u2019ll show you what lenders look for and how to get your credit report in the best shape possible).<\/p>\n","protected":false},"excerpt":{"rendered":"If you\u2019re looking at options for car financing, you might be looking into Personal Contract Purchases, or PCPs. PCPs are attractive to car buyers, because they allow you to buy a car in instalments over a number of years, while getting to use the car. However, are they as great a deal as they first appear?\n","protected":false},"author":19,"featured_media":5500,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[434,577,298,284,285,279],"tags":[882,439,883,437,881,880,879,762],"class_list":{"0":"post-5499","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-cars","8":"category-credit-score","9":"category-life-events","10":"category-money-matters","11":"category-personal-finance","12":"category-personal-loans","13":"tag-car-buyer","14":"tag-car-finance","15":"tag-carbuyer","16":"tag-cars","17":"tag-pcp","18":"tag-pcps","19":"tag-personal-contract-purchase","20":"tag-personal-finance"},"acf":[],"featured_image_src":"https:\/\/www.check.co.uk\/blog\/wp-content\/uploads\/2022\/08\/pexels-hasan-gulec-11059360-2.jpg","author_info":{"display_name":"Robert Edwards","author_link":"https:\/\/www.check.co.uk\/blog\/author\/conor-mullinsaffalo-co-uk\/"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Looking at PCP finance deals for a new car? 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