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WE ARE ONE OF THE UK's LEADING BMW PCP FINANCE SPECIALISTS IN THE FOLLOWING AREAS

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BMW Personal Contract Purchase (PCP Car Finance) - Frequently Asked Questions

Car-Finance.net offer amazing deals using Personal Contract Purchase (PCP) on all BMW vehicles, you can read information about PCP below before making the decision of whether it is a product that will suit you. Hire Purchase (HP), Contract Hire or Outright Purchase are other options that are available for you to consider.

If you wish, you can Get a Quote now for BMW Car Finance, just click here to use our car finance calculator, otherwise carry on reading below to find out more about BMW Personal Contract Purchase (PCP).

PCP has become one of the best ways to purchase or finance a BMW car today, It will allow you to purchase any BMW car of your choice at an affordable fixed monthly payment, with an initial low deposit with a guaranteed minimum future value (GMFV) at the end of the agreement term.

At Car-finance.net we have the benefit of offering both low interest rates (From just 6.9% APR) for PCP and this together with the industry leading GMFV's make BMW cars very affordable.

At Car-finance.net we can offer affordable Car Finance on the following vehicles :-

BMW Car Finance becomes very useful if you drive a company car and are opting out of the company car scheme (Cash for Car), because you can use your company car allowance or mileage reclaims to fund your monthly PCP payments and avoid paying excessive company car taxes.

Monthly payments are fixed for the repayment period, which is normally two or three years. The flexibility of BMW Car Finance allows for your individual needs giving you three options at the end of the agreement:

Option 1

If you think your BMW is worth less than the GMFV you can simply return it to the finance company. As long as your BMW is in good condition and has not exceeded the agreed mileage set at the beginning of the contract, you have nothing more to pay, the finance company guaranteed this future value and they will absorb any loss.

Option 2

If you want to keep the BMW, you simply pay off the outstanding GMFV to the finance company.

Option 3

You can part exchange the BMW with a motor dealer for your next new vehicle. If the trade-in value is greater than the GMFV, this sum can be used as a deposit for your next new vehicle finance.

Alternatively, you can sell the BMW privately and keep any profit over and above the GMFV.

Benefits of Personal Contract Purchase (PCP)


Low initial deposit
Flexible deposit term
Fixed repayments
Guaranteed final payment
Low monthly payments
Guaranteed equity available PCP

Personal Contract Purchase plan provides the benefits of driving a higher specification BMW for a lower monthly payment. Unlike the traditional purchase plan, this is achieved by deferring a percentage of the total cost of the BMW to the end of the contract.

GMFV

This percentage is known as the Guaranteed Minimum Future Value (GMFV) and is the key difference between PCP and traditional forms of financing such as Hire Purchase. The GMFV plus your deposit is subtracted from the selling price of the BMW and your monthly payments are based on the balance (plus interest on the balance and the GMFV). Effectively, you will make lower payments than traditional financing simply because you are only funding the depreciation.

Excess Mileage

At the beginning of the agreement, you decide on the total mileage you expect to do. If, at the end of the agreement, having chosen to hand your BMW back to the finance company, your mileage exceeds the agreed level, you simply pay a fixed amount for every extra mile.

Wear & Tear

It is in your interest to minimise the BMW's 'wear and tear' and not exceed the agreed mileage. When the agreement has finished, the vehicle may well be worth more than the GMFV, providing you with extra value, In simple terms 'normal wear and tear' means that for its age and mileage, the BMW is in fair working order, condition and repair. A detailed guide will be provided to you by the finance company at the start of your agreement.

Best Rates

Car-Finance.net offer some of the best rates around for vehicle finance and Personal Contract Purchase (PCP) please use one of our calculators if you wish to get a quote. We have several lenders offering superb rates and terms together with payment protection products at very competitive prices, whether you require finance for a new, nearly new or used vehicle we have a product to suit.