Enjoy the new car feeling more often with PCP finance

Newer model? More space? With our Personal Contract Purchase (PCP) plan, you can change your car more often. Get a rate of 6.9% APR Representative when you borrow from £7,000 to £25,000. You can apply in minutes.

With PCP Finance, you can update your car more regularly

Personal Contract Purchase (PCP) gives you more flexibility. When your agreement ends, you have three options:

  • Part exchange the car, subject to settling your agreement with us. New finance agreements are subject to status
  • Pay an optional final lump sum to own your car
  • Return the car without paying the lump sum (return conditions applyreturn conditions apply)

Your monthly payments are lower

Your monthly payments will be lower on a PCP agreement than a Hire Purchase (HP) agreement or a Personal Loan, if you are borrowing the same amount, over the same term and at the same rate. This is because a significant amount that you repay is deferred into an optional final lump sum payment, helping keep earlier monthly costs low. You may end up paying more overall.

A low monthly rate

With a rate of 6.9% APR Representative when you borrow between £7,000 and £25,000, Personal Contract Purchase (PCP) makes it simple and affordable to drive the latest car.

Other terms, borrowing amounts and rates are available.

Get a quote

We’ll guarantee your car’s future value

When you choose PCP, we give you a guaranteed future value for your car. So if you keep it in good condition (fair wear and tear accepted) and within the maximum agreed mileage, you can be sure that you have the option to return it at the end of the agreement with nothing more to pay.

Calculate your monthly payments before applying

Work out the finance amount, term and deposit that suits your budget.

Calculate your repayments

Important Information about Lloyds Car Finance:

  • Lending is subject to status and additional affordability checks.
  • Lloyds Bank Car Finance Plus is available to Personal Current Account customers who have held their account for at least three months
  • You must be registered for Internet Banking
  • You must be a UK resident aged 18 years or older.
  • We pay the car dealer directly and the majority of UK dealers are covered.
  • Rates available will depend on product, lending amount and personal circumstances.

Let’s look at the details

  • Differences between our finance options

     

    Hire Purchase (HP)

    Personal Contract Purchase (PCP)

    Personal Loan

     

    Are there restrictions where I buy the car from?

    Hire Purchase (HP)

    Yes

    dealership

    Personal Contract Purchase (PCP)

    Yes

    dealership

    Personal Loan

    No

     

    Could there be extra money used for other purchases?

    Hire Purchase (HP)

    No

    Personal Contract Purchase (PCP)

    No

    Personal Loan

    Yes

     

    Are there any excess mileage limits?

    Hire Purchase (HP)

    No

    Personal Contract Purchase (PCP)

    Yes - you set the mileage limit, so you don’t pay for more than you need.

    Personal Loan

    No

     

    What is the length of the finance term?

    Hire Purchase (HP)

    1 to 5 years

    Personal Contract Purchase (PCP)

    1 to 4 years

    Personal Loan

    1 to 7 years

     

    Do you pay the dealer directly?

    Hire Purchase (HP)

    We pay the dealer

    Personal Contract Purchase (PCP)

    We pay the dealer

    Personal Loan

    We pay you

     

    When will I own the car?

    Hire Purchase (HP)

    Own the car at the end of the agreement

    Personal Contract Purchase (PCP)

    Own the car by making the lump sum final payment

    Personal Loan

    Own the car as soon as you purchase

     

    Is a guaranteed future value for the car included?

    Hire Purchase (HP)

    No

    Personal Contract Purchase (PCP)

    Yes subject to it being returned in good condition and not exceeding the maximum agreed mileage.

    Personal Loan

    No

     

    How do the interest rates compare?*

    Hire Purchase (HP)

    5.9% APR when borrowing between £7,000 and £25,000

    Personal Contract Purchase (PCP)

    6.9% APR when borrowing between £7,000 and £25,000

    Personal Loan

    Log on to Internet Banking to get a personalised quote with no affect on your credit score.

     

    Hire Purchase (HP)

    Personal Contract Purchase (PCP)

    Personal Loan

    * - 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.

    Monthly payment examples

    Example of how much your monthly repayments could be with PCP or HP if you were to buy a car and need finance for £13,000 over 48 months.
     

    Monthly payment examples

     

    HP Finance Example

    PCP Finance Example

     

    Representative APR

    HP Finance Example

    N/A

    PCP Finance Example

    N/A

     

    APR

    HP Finance Example

    5.9% APR

    PCP Finance Example

    6.9% APR

     

    Total amount of credit

    HP Finance Example

    £13,000

    PCP Finance Example

    £13,000

     

    Annual interest rate (fixed)

    HP Finance Example

    5.71%

    PCP Finance Example

    6.67%

     

    Agreement duration

    HP Finance Example

    48 months

    PCP Finance Example

    48 months

     

    Monthly repayments

    HP Finance Example

    48 x £303.80

    PCP Finance Example

    47 x £187.82

     

    Optional final repayment*

    HP Finance Example

    N/A

    PCP Finance Example

    £6,850

     

    Total amount payable

    HP Finance Example

    £14,592.40 (includes £10 purchase fee)

    PCP Finance Example

    £15,687.54 (includes £10 purchase fee)

    *With PCP, once you have paid all of your monthly repayments set out in your agreement, you have 3 options:

    1. Pay the optional final repayment and own the car
    2. Hand back the car (return conditions apply) without paying the optional final repayment.
    3. Part exchange the car subject to settling your existing finance agreement. New finance agreements are subject to status.