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Personal Contract Purchase (PCP)

With PCP, you pay a deposit followed by fixed monthly payments. You have the flexibility to choose what to do with the car at the end of the agreement. You can pay a lump sum to own it or hand it back to the car dealership.

Two people in a car.

Who is PCP for?

  • If you want lower monthly payments when compared to hire purchase.
  • You plan to own the car at the end of your agreement.
  • To be able to select your yearly mileage limit, excess mileage charges may apply.
  • I would like a repayment term from 1 - 4 years.

The benefits

  • 7.9% APR representative when you borrow between £7,000 and £25,000.
  • Get a quote today with no credit searches.
  • Select how much deposit you pay.
  • Lower monthly repayments.

How it works

  • Set your own mileage limit.
  • No early repayment charges.
  • Pay a final lump sum to own the car or return it in good condition.

Getting ready to apply

Information we need

  • Dealer's name and postcode.
  • Car registration number.
  • Current and expected yearly mileage.
  • Total price and deposit amount.
  • Your monthly income.
  • Your mortgage/rent payments and regular spending.
  • Existing car finance details (if you have any).
  • The delivery date and full vehicle details (if you don’t know the reg) of any new car.

Applying

You need to be:
  • The holder of a Halifax current account that’s been open for at least 3 months.
  • Registered for Online Banking.
  • Aged 18 or over.
  • A UK resident.

Lending is subject to status and additional affordability checks.

 

Once you've applied

  • You’ll will be given a decision straight away, which is valid for 90 days.
  • You will need to provide the dealer’s or existing finance provider’s bank details, so we can transfer the money after you have signed the paperwork. It might take a few hours for this to go through. Payments made after 2.30pm will be with them before 12pm the next working day (Monday to Friday).
  • There is no obligation to go ahead after you’ve been accepted, and your credit rating won’t be affected if you change your mind.

Personal Contract Purchase Representative example

You could borrow £13,000 over 48 months with 48 monthly repayments of £195.93 and one optional final payment of £6,850. Total amount repayable will be £16,068.71 (including £10.00 purchase fee). 7.9% APR, annual interest rate (fixed) 7.61%.

This example uses the representative APR. This is the rate at least 51% of customers are expected to get for our PCP product with the mentioned amount and term range.

Lending is subject to status and additional affordability checks. Rates quoted are subject to change and will depend on product, lending amount and personal circumstances.

Get a quote

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Get a PCP quote

Get a Halifax car finance quote in minutes, without affecting your credit score. Your quote will be valid for 90 days, with no need to re-apply.

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Let’s take a closer look

  •  

    If you’d like to speak to someone about your recent car finance application, we’re here to help, please call us.


  • There’s some restrictions depending on the make, model, age and mileage of the car.  As part of your quote we’ll ask you to enter the details for the car you want to buy. You’ll get an immediate decision on if it’s possible to take car finance out. 

    Please note: If you’re looking to finance commercial vehicles, vans, motorcycles, caravans or motorhomes, a  personal loan may be more appropriate. 

    See personal loans


  • We currently don’t offer a part exchange service as part of Halifax Car Finance. However, it may be possible to arrange a part-exchange directly with the dealership. If the dealership agree the part-exchange this would be reflected in the final price you agree with them for the new car. We would then pay the agreed amount directly to the dealership as normal.


  • We work with the majority of car dealerships in the United Kingdom. During your car finance application you will be able to search by location or post code for your car dealership. 

    If your car dealership is not available to choose from the list, don’t worry we can usually update it within 24 hours with the details you provide.

    Please note: We are currently unable to offer car finance for the following dealerships; Cazoo, Cinch and Motorpoint.


  • Unfortunately, we don’t allow cars to be registered in someone else’s name. The person applying for car finance will be the named registered keeper of the car. You’ll need to have a valid driving licence permitting you to use the car and be the main driver; including on your car insurance policy.

    If you’d like someone else to have use of your car, with your permission. They will need to hold a valid driving licence and be a named driver on your car insurance policy.


  • Once you’ve agreed the sale with the car dealership, you’ll need to sign in to Online Banking. You’ll need to enter the bank details of the dealership and the final agreed amount to complete the finance agreement. Then sign the legal documents online. 

    We will transfer the money directly to the dealership directly as soon as you've signed the legal documents. 

    It can take several hours for the money to be received. Payments made after 2.30pm will be with the dealership before 12pm the following day.


  • We don’t currently offer a delivery service as part of our Car Finance. However, it may be possible to  arrange this directly with the dealership as part of the sale. Depending on the dealership they may be able to offer you a contactless delivery service.

You might also like

Hire Purchase (HP)

Hire Purchase is another financing option that you pay higher monthly payments when compared to PCP but you own the car at the end of your agreement term.



Take a look at HP

Car leasing

A car lease works like a long-term rental. It allows you to drive a new car for an agreed period of time and mileage for a fixed monthly rental. 

You won’t have the option to own the car, but it does mean you could drive a brand-new car within your monthly budget.

Take a look at leasing

Refinancing your car

Refinancing with Halifax could help you get a better deal by lowering your monthly payments or even spreading the cost of a final lump sum to own the car.

If you bank with us, you could switch your current car finance from elsewhere to us.

Switch to us

Car finance

Compare your options, check out our calculator or get some help.

More about car finance

Car finance

Compare your options, check out our calculator or get some help.

More about car finance