Personal Contract Purchase (PCP)


PCP option available for nearly new and used cars

Representative APR of 5.9%

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Representative example

Borrowing £12,000 over 48 months, on a car with a cash price of £12,250 and paying £250 to the dealer. At a Representative APR of 5.9% and an annual interest rate of 5.75% (fixed) you would pay £195.77 monthly with one optional balloon payment of £4753 which includes the £1 option to purchase fee. The total amount payable (including your deposit) would be £14,204.19.

The above example is based on a popular hatchback car with a 1.25 engine size. It assumes a contract mileage of 40,000 miles and an excess mileage charge of 9p per mile.

How does PCP work?

Buying a car with Admiral Personal Contract Purchase is easier than you think

You could get lower monthly payments on your new car

Find your next car and get a PCP quote. PCP offers lower monthly payments but you will have to pay a lump sum (balloon payment) at the end of the contract if you want to keep the car.

No hassle - We’ll talk to the dealership for you

Once the finance has been agreed, provide us with the details of the car dealership – we’ll sort out the rest and make the payment directly to the dealer.

Flexible options - keep the car or return it to us

At the end of the agreement you can pay the "balloon payment" and £1 option to purchase fee to keep the car. Alternatively you can return the car to us; if you've met the agreed mileage and condition requirements you wont need to pay any extra charges.

Personal Contract Purchase is split into three steps

Your questions answered

What is a balloon payment?

A Balloon Payment is the optional final payment at the end of a Personal Contract Purchase (PCP) agreement which must be paid if you would like to own car. Alternatively you can return the car, If it has exceeded the contracted mileage and/or is not in good condition you will incur extra charges.

What is Guaranteed Future Value (GFV)?

The Guaranteed Future Value (GFV) is an estimate of what your car will be worth at the end of your finance term, regardless of its true depreciation. The Guaranteed Future Value (GFV) is based on the predicted residual value (value at the end of the PCP agreement) of the car, and takes into account your estimated mileage, condition of car, length of your agreement and the make/model.

What happens if I exceed my mileage limit?

If you exceed your agreed mileage limit, you will be charged an excess mileage fee of 9p per mile.

Who is the registered keeper of the car with PCP?

During the term of the agreement, you would be the 'registered keeper' of the car and be responsible for insuring and maintaining it, but Admiral would remain the legal owner until the agreement has been repaid in full.

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Everything you need for Personal Contract Purchase

For a quote that won’t affect your credit score

  • Your name and date of birth
  • 3 years of address history
  • Your loan amount
  • Your contact details
  • The date you want your monthly payments to leave your bank account

To apply you’ll need:

  • The details of the car you're buying
  • Your income, outgoings and employment history
  • Your bank details
  • The car dealer’s address and bank details

Other Car Finance options

Take a look at the other ways Admiral could help you buy your next car

Hire Purchase CAR LOAN

As a basis for qualification, you must be a permanent resident of England, Wales or Scotland, having lived in the UK for at least 3 years, be between the ages of 18 and 75, and with no recent history of bad credit such as County Court Judgements (CCJs), IVA or bankruptcy. The rate offered will depend on the amount you wish to borrow and your individual circumstances. You can apply for any amount between £1,000 and £35,000 for a period between 12 and 60 months.

APR stands for annual percentage rate. This is the total charge for the loan including fees and interest expressed as a percentage. The APR you are offered may differ from the representative example displayed, this is because each loan application is assessed on an individual basis. The maximum APR we offer is 29.9%.

Admiral Loans are administered and arranged by Admiral Financial Services Limited. Admiral Financial Services Limited is registered in England and Wales at Tŷ  Admiral, David Street, Cardiff, CF10 2EH (Reg. No. 10255225). Admiral Financial Services Limited is authorised and regulated by the Financial Conduct Authority (Firm reference number: 771862). These details can be confirmed by visiting the Financial Services Register, www.fca.org.uk/register.

Admiral Financial Services Limited is a registered data controller (No. ZA257412). The data controller is Admiral Financial Services Limited. You acknowledge that by providing your personal data to us, you consent to its processing in the manners outlined in our Privacy Policy. Click here to read.

Please see our terms and conditions here.

AFSL are a member of the Finance and Leasing Association(FLA) who are an industry leader in promoting best practice within the motor finance, consumer and asset businesses in the UK. As a member we are subscribed to their Lending Code. Click here to download a copy of their Lending Code.

When you submit an application for a loan, we will conduct an application credit search which may affect your credit score, so you may wish to keep applications to a minimum to protect your credit rating.

If you have any queries about the manner in which your data is processed, please write to: Data Protection Officer, Admiral Financial Services Limited, Tŷ Admiral, David Street, Cardiff CF10 2EH.