Finance | Weymouth & Bridport

WHAT IS PERSONAL CONTRACT HIRE (PCH)?

PCH is a fixed cost rental agreement, which unlike PCP has no option to purchase the vehicle at the end of the agreement. Pay an initial rental in advance, followed by fixed monthly rentals to suit your budget, then simply return the car at the end of the agreement.

Monthly payments can be lower than with finance agreements and can include annual road tax and maintenance packages too.

This is available to business' also and is simply called Contract Hire. Speak to a member of the sales team for a personalised quotation on your chosen vehicle and annual mileage.

When you have chosen your vehicle, you will then agree your annual mileage and decide on the agreement term with one of our Business Managers.

We will then determine the Guaranteed Minimum Future Value (GMFV) of the vehicle at the end of the agreement and work out a deposit and monthly amount that works for you.

At the end of your agreement you will then have three options:

Return – Simply return the car the back to us
Retain – Keep the car by paying the optional final payment
Renew – Trade it in for another car

For a quotation, help, or advice contact us and ask to speak to one of our Business Managers.

Monthly payments on a car financed by PCP are usually lower than if your car is financed by a Hire Purchase agreement.
If you decide not to buy the car, you can simply walk away when you've made all the payments.
Similar to PCH, you can drive away a new or used car every few years (dependent on the chosen term) without worrying about selling it on.
If your car is worth more than the Guaranteed Future Value then you can use that equity towards a deposit on a new car.

Couple next to a vauxhall car taking a photo

What is Personal Contract Purchase (PCP)?

Personal Contract Purchase (PCP) is a finance product that allows you the opportunity to buy a new or a used car.

It is similar to a Hire Purchase agreement as you will usually pay an initial deposit, followed by monthly instalments over a term typically between 18 to 48 months.

What makes PCP different to Hire Purchase (HP) is that your monthly instalments are paying off the depreciation of the car, and not its entire value, over the course of the term. Then, when you get to the end of your agreement, there is a final, balloon payment that must be made if you want to keep the car. The balloon payment is often referred to also as the Guaranteed Future Value (GFV).

If you want to buy the car you will need to pay your final balloon payment (the Guaranteed Future Value).
Similar to PCH, you will need to agree on a mileage allowance at the beginning of your contract and there may be excess mileage charges if you exceed this.
You won’t be able to sell the car without settling the finance.
You won’t own the car until you have made all of your repayments.
You’ll need to keep the car properly insured, maintained and in your possession until the full value is paid off.

You can normally settle your agreement early by asking the finance company to provide you with a settlement figure. However, the finance company will require you to pay off the difference between what your car is worth, and what you still owe and there may be a difference which is known as negative equity. On the other hand, you may find that at the end of your term your car is worth more than the Guaranteed Future Value, which means you will have some positive equity to contribute towards your next car.

Make an Enquiry Today

Contact one of our finance specialists to see how we can help get you on the road.

What our Customers Say

Latest reviews from our customers

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People ready to listen to you. Even with covid, serious personnel and efficiency. Top.

I wanted to downsize from a Nissan car Q, I discussed discussed various ideas and options. Renault Captur appeared to be the best option, we discussed the automatic variations, the salesman researched the variations and proposed the 1300cc automatic. Within a couple of days the salesman found a suitable car. I decided to buy the car which was in Scotland. I am very pleased with the purchase.

Friendly knowledgeable staff. Great service.

Went to the service centre with an engine management fault after driving for Leeds to Weymouth on holiday. Kevin was really helpful even with them being fully booked up for the week. He said he would treat it as a breakdown and booked the car in. He then booked me a taxi to get me back to where I was staying in Weymouth. He rang the next day to inform me that they found the fault and could repair it. The staff and information provided were second to none. Many thanks, especially to Kevin, for the help and information all the way through the problem.

Just outstanding from start to finish. This was my second time using Lanehouse to purchase a car. As last time the experience from start to finish was just outstanding thanks to Kieran. He went over and beyond, I would 100% recommend both the Weymouth and Bridport Branch. Thank you again, Amelia

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WHAT IS PERSONAL CONTRACT HIRE (PCH)?

How does PCP actually work?​

What are the advantages of PCP?

What is Personal Contract Purchase (PCP)?

What should you consider when opting for a PCP?

Can I settle my PCP agreement early?

Make an Enquiry Today

What our Customers Say

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