|Definition||:||Personal Contract Purchase|
|Category||:||Business » Finance|
What does PCP mean?
Personal Contract Purchase (PCP) is a type of car finance. In PCP the customer pays an initial deposit, followed by monthly installments. The monthly installments are only paying off only the depreciation of the car, and not its entire value, over the course of the term. At the end of the contract or finance term, the customer can return the car to the dealer or keep it by paying an optional final payment – sometimes called a balloon payment.
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