Personal Contract Purchase (PCP) splits a car into a deposit, monthly payments and a large optional final payment (the balloon or GMFV). This calculator estimates the monthly figure and the total cost if you pay the balloon to keep the car. Real quotes vary with credit, mileage limits and manufacturer offers.
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Frequently asked questions
What is the balloon payment?
It is the deferred final lump sum on a PCP deal. Pay it to own the car outright, or hand the car back or part-exchange instead.
Is PCP cheaper than a loan?
PCP often has lower monthly payments because the balloon is deferred, but the total cost can be higher. Compare the total payable, not just the monthly figure.