Outright Purchase:
Lump Sum Payment in exchange for outright ownership of the vehicle. Just arrange delivery/collection at your convenience.
Personal Contract Purchase (PCP):
This splits the price of the car into affordable chunks: a deposit, monthly payments, and then a final optional balloon payment.
At the end of the contract, there are 3 options:
- Pay the balloon payment and own the vehicle
- Trade the car in for a new vehicle and start a new PCP contract.
- Give the vehicle back.
Hire Purchase (HP):
Pay an initial deposit, and the remaining value of the vehicle is paid in monthly installments. Once you’ve made the final payment, the vehicle is yours!