Mis-Sold car finance FAQs

If you have any questions not covered in our FAQs, please do not hesitate to contact us.
What is PCP?

Personal Contract Purchase (PCP) is effectively a personal loan which allows drivers to spread the payments for a vehicle over a long period, typically two or three years.

However, unlike a normal personal loan, you won’t be paying off the full value of the car and you won’t necessarily own it at the end of the dea, unless you choose to pay the final balloon payment.

PCP is one of the more complex financial products available to help you buy a car, but it can be broken down into three main parts: the deposit, the amount you borrow and the balloon payment.

How is the deposit calculated?

Dealers offering PCP finance will typically want around 10% of the value of the car as a deposit. Customers pay a deposit on the car they want and then make monthly repayments until the end of the term.

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