What is Personal Contract Purchase (PCP)?
For those that wish to take advantage of the lowest monthly payments possible, Personal Contract Purchase (PCP) is the ideal option. This scheme lets you pay a deposit followed by fixed monthly repayments that cover the depreciation in value of the vehicle. At the end of the period, you will be able to either return the model to the dealership or cover the Guaranteed Future Value with an optional balloon payment and become the full owner of the vehicle.

What are the advantages of PCP?

  • Low monthly repayments over a fixed period of time
  • Flexibility to either purchase or return the vehicle
  • Should the value of the vehicle exceed the Guaranteed Future Value, you may be able to use this equity as a deposit on another model

What should you consider when opting for PCP?

  • That in order to become the overall owner, you will need to pay the optional balloon payment
  • Your annual mileage allowance should not be exceeded, otherwise additional charges will apply
  • You cannot sell the vehicle until you’ve settled the agreement in full
  • You are responsible for all maintenance and servicing in accordance with the terms of your agreement

Can I settle my PCP agreement early?

It is possible to settle your PCP agreement early by requesting a settlement figure from your finance company. You should also note that if there is a difference in value between the vehicle’s worth and what you owe, you will be obligated to pay this too.

What is Hire Purchase (HP)?
Hire Purchase is as straightforward as they come. Pay a deposit on the vehicle of your choice, then pay off the remaining balance over an agreed period of time through fixed monthly payments. At the end of the contract, you will be the outright owner of your new Nissan car.

What are the advantages of HP?​

  • Drive away in a quality new Nissan and spread the payments over a fixed term
  • No mileage limitations or additional charges for excess use
  • Outright ownership of the vehicle at the end of the agreement

What should you consider when opting for HP?

  • Higher monthly repayments when compared with PCP financing
  • Inability to sell the vehicle until you’ve settled the whole agreement
  • You will not be the owner of the car until all payments are complete
  • Maintenance and servicing need to be completed according to the terms of the agreement

Can I settle my HP agreement early?

Yes. Get in touch with the financing company and request an early settlement figure. This will incorporate any difference in value between the vehicle’s worth and your outstanding balance.

What product is best for me?

Choosing the right financing product is easier when discussed with a team of experts. At RRG Nissan, we pride ourselves on offering all the advice you need to make a fully informed decision. Simply get in touch with a member of the team today and we’ll be happy to answer any questions you may have and help secure the best value for money possible on our vehicles.