MENU MY ACCOUNT CALL BACK TO TOP Fully complying with government distancing guidelines Simply reserve, buy outright or apply for finance FUNDING SOLUTIONS EXPLAINED FINANCE OPTIONS ENQUIRE ABOUT FINANCE WHAT IS PERSONAL CONTRACT PURCHASE (PCP)? Personal Contract Purchase (PCP) is a finance product that allows you the opportunity to buy a new or a used car. It is similar to a Hire Purchase agreement as you will usually pay an initial deposit, followed by monthly instalments over a term typically between 18 to 48 months. What makes PCP different to Hire Purchase (HP) is that your monthly instalments are paying off the depreciation of the car, and not its entire value, over the course of the term. Then, when you get to the end of your agreement, there is a final, balloon payment that must be made if you want to keep the car. The balloon payment is often referred to also as the Guaranteed Future Value (GFV). How does PCP actually work? What are the advantages of PCP? What should you consider when option for a PCP? Can I settle my PCP agreement early? FIND AND FINANCE YOUR NEXT VEHICLE THROUGH PCP WHAT IS HIRE PURCHASE (HP)? Hire Purchase is a way to finance buying a new or used car. You will normally pay an initial deposit and will pay off the entire value of the car in monthly instalments. When all the payments are made, the Hire Purchase agreement ends, and you own the car outright. What are the advantages of HP? What should you consider when opting for HP? Can I settle my HP agreement early? FIND AND FINANCE YOUR NEXT VEHICLE THROUGH HP Join our Journey Back to top Terms & Conditions Cookie Policy Privacy Notice Site Map Modern Slavery Act Complaints Procedure Data Preferences COMPANY INFO Registered in England & Wales: 00512894 Registered Office: Address: 150/164 Upper Elmers End Road, Beckenham, Kent, BR3 3DZ Data Protection No: Z7267060 VAT Number: 205 6506 86 FINANCIAL DISCLOSURE Masters of Beckenham Ltd, Chinese Garage Ltd and Eden Park Cars 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 Masters of Beckenham 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. MEMBERSHIP Masters Group are members of the following organisations: NetDirector ® - Automotive Ecommerce change cookie settings This site uses cookies and related technologies for site operation, analytics and third party advertising purposes as described in our Privacy and Data Processing Policy. You may choose to consent to our use of these technologies, or further manage your preferences. To opt-out of sharing with third parties information related to these technologies, select "Manage Settings" or submit a Do Not Sell My Personal Information request. MANAGE SETTINGS ACCEPT RECOMMENDED