Personal Contract Purchase (PCP)

PCP option available for nearly new and used cars Representative 9.9% APR

Got a question? Read the FAQs

Representative example

If you borrow £12,000 over 48 months, on a car with a cash price of £12,250 and paying £250 deposit to the dealer. At a Representative APR of 9.9% and an annual interest rate of 9.48% (fixed), you pay 47 monthly payments of £233.86 with one optional balloon payment of £4,155.00 which includes the £1 option to purchase fee. The total amount payable (including your deposit) would be £15,396.42.

How does PCP work?

Buying a car with Admiral Personal Contract Purchase (PCP) 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" if you wish to keep the car.

Good to know

Remember, with PCP loans, you do not own the vehicle until all contractual repayments have been made. Failure to maintain payments could result in the vehicle being repossessed.

Get started with Admiral Car Finance

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Personal Contract Purchase (PCP) 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. The excess mileage fee will vary depending on the vehicle. Please refer to your contract pack for more information.

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

You’ll need to fill in the below first so we can check your eligibility:

Your name and date of birth

3 years of address history

Your loan amount

Your contact details, income, outgoings and employment history

The date you want your monthly payments to leave your bank account

To complete your application you'll need:

The details of the car you're buying

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

Helpful Guides

Everything you need to know about car finance

Everything you need to know about car finance

Read more
The complete guide to PCP

The complete guide to PCP

Read more
Everything you need to know about APR

Everything you need to know about APR

Read more

Admiral One, Admiral Loans, Admiral Money and Admiral Car finance are all trading names of Admiral Financial Services Limited (AFSL). The maximum APR we offer is 29.9%. Please see our terms and conditions here.

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