The Popularity of PCP
The UK has seen a sharp increase in those seeking loans or finance for new vehicles. Personal Contract Purchase plans (PCP) allow drivers to acquire a new vehicle on an agreed length of time. Once the plan period is over, you can either trade in the vehicle or pay off the remaining loan on the vehicle and keep it.
The Financial Times reported that “British households borrowed a record £31.6bn in 2016 to purchase cars, up 12 per cent on the year before, according to the Finance and Leasing Association.”
The popularity of vehicle finance was further highlighted by 85% of new vehicle purchases throughout 2016, being made through a dealership or finance provider.
PCP is the most popular finance option, it’s simple to understand and can be flexible depending on your needs, relating to monthly repayments for example.
PCP is for personal finance only. At CAVA we have helped several business owners with the purchase of their personal vehicles. Husband and wife, Brian and Heather Boys are a perfect example of one of CAVA’s long standing PCP customers.
“My wife and I have been using CAVA Finance for over 12 years on all of our cars, which we both replace every 3 years. CAVA understand our needs as a customer due to the experience and knowledge Mike Bailey displays each time, which you don’t get from your local car showroom.
Every time I am asked to recommend a PCP/Leasing company to use, I have no hesitation in saying CAVA.”
CAVA have an attractive PCP Product available and are often more competitive than motor dealers. Contact us before you sign at a dealer to see what your options are, you’ll be glad you did!
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