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Personal Contract Purchase (PCP)

To discuss a Personal Contract Purchase and see if it is the best option for you, contact our expert team.

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Black Horse Personal Contract Purchase lets you keep your monthly repayments lower by deferring a significant proportion of the amount of credit to the final repayment at the end of the agreement. Agree an initial deposit, how many miles you are likely to travel each year and how long you want the agreement to run for and the Duckworth Business Managers will then calculate the Guaranteed Future Value (GFV) of your vehicle and confirm your monthly repayment. The Business Manager will submit the finance application to us and, subject to your application being approved; you can just drive your car away.

  • Borrow any amount from £1,000 and set repayments to suit your budget for terms of 2–4 years
  • Available on new or used cars up to 7 years old at the end of the agreement
  • Flexible deposit options – 0% deposit may be available subject to status
  • Set your annual mileage for up to 24,000 miles a year*. Your annual mileage will affect your monthly repayments and Guaranteed Future Value.

*Some exceptions apply.

The options at the end of the agreement are:

  1. Part exchange the vehicle subject to settlement of your existing finance agreement; new finance agreements are subject to status or
  2. Return the vehicle and not pay the Final Lump Sum Repayment. If the vehicle is in good condition and has not exceeded the agreed maximum mileage you will have nothing further to pay. Further information on what is considered good condition can be found at blackhorse.co.uk/goodconditionguide. If the vehicle has exceeded the agreed maximum mileage a charge for excess mileage will apply or
  3. Pay the Final Lump Sum Repayment to own the vehicle.

Ideal if

  • You like to drive the newest model
  • You like to keep your options open
  • You like to budget
  • Lower repayments mean you might be able to afford a newer car
  • Newer model means lower maintenance costs

Flexibility

  • Set repayment periods from two to four years, then take the best option for you when you reach the end of the agreement
  • Protection against depreciation as a result of an unexpected fall in the value of the vehicle when you exercise the ‘Goods Return’ option (when you hand the vehicle back)
  • Protection under the Consumer Credit Act Termination Rights and Protection under the Consumer Rights Act
  • You must have fully comprehensive insurance
  • Your vehicle is at risk of repossession if you do not maintain contractual repayments
  • You do not own the vehicle until the final repayment including interest has been made
  • A significant proportion of the credit is deferred until the end of the agreement; you should prepare for this if you want to own the car
  • Before you decide to apply for finance for a vehicle, we would encourage you to make enquiries of the dealer to ensure you fully understand the history of the vehicle so that you can make a fully informed decision as to whether the vehicle is suitable for you

Martin Duckworth Ltd is an Appointed Representative of Automotive Compliance Ltd, who is authorised and regulated by the Financial Conduct Authority (FCA No 497010). Automotive Compliance Ltd’s permissions as a Principal Firm allows Martin Duckworth Ltd to act as a credit broker, not as a lender, for the introduction to a limited number of lenders.

We can introduce you to a selected panel of lenders, which includes manufacturer lenders linked directly to the franchises that we represent. An introduction to a lender does not amount to independent financial advice and we act as their agent for this introduction. Our approach is to introduce you first to the manufacturer lender linked directly to the particular franchise you are purchasing your vehicle from, who are usually able to offer the best available package for you, taking into account both interest rates and other contributions. If they are unable to make you an offer of finance, we then seek to introduce you to whichever of the other lenders on our panel is able to make the next best offer of finance for you. Our aim is to secure the best deal you are eligible for from our panel of lenders. Lenders may pay a fixed commission to us for introducing you to them, calculated by reference to the vehicle model or amount you borrow. Different lenders may pay different commissions for such introductions, and manufacturer lenders linked directly to the franchises that we represent may also provide preferential rates to us for the funding of our vehicle stock and also provide financial support for our training and marketing. But any such amounts they and other lenders pay us will not affect the amounts you pay under your finance agreement, all of which are set by the lender concerned. If you ask us what the amount of commission is, we will tell you in good time before the Finance agreement is executed. All finance applications are subject to status, terms and conditions apply, UK residents only, 18’s or over. Guarantees may be required.

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