Hire Purchase (HP)

How it works

You pay a deposit upfront and monthly payments over an agreed term.  At the end of your agreement, the car is yours, clear and simple. 

Personal Contract Plan (PCP)

How it works

You pay a deposit upfront and lower monthly payments over an agreed term leaving a large final cost amount at the end of the PCP contract called the Guaranteed Minimum Future Value (GMFV).  The GMFV is based on an agreed mileage limit during the PCP contract.  At the end of your agreement, you decide whether to keep the car and pay off the GMFV amount, return the vehicle or exchange it for a new car and enter into a new PCP contract.