Personal Contract Purchase (PCP)
PCP is a car finance option that lets you spread the cost of a new or used car over monthly repayments. PCP gives you the flexibility to own your car or return it at the end of the agreement. Learn what PCP is and how it could help you buy a car with Lloyds.
Features and benefits
PCP car finance can help you get behind the wheel of a new or used car. PCP is different from other borrowing options as you don’t need to commit to owning the vehicle at the end. This type of car finance is flexible, letting you either pay off the car or hand it back, so the monthly payments are often lower.
What do I need to apply for PCP?
Let's break it down
Get a quote
Check how much your repayments could be on the amount you want to borrow today. Getting a quote doesn’t affect your credit rating.
What you need to know about a Lloyds Personal Contract Purchase
Let’s look at the details
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Yes, you can refinance an existing PCP or a Hire Purchase (HP) agreement from another provider to Lloyds.
Refinancing can also help spread the cost of your final lump sum to own your car.
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No, typically you can’t take out car finance on behalf of someone else in the UK.
The person applying for car finance should be the car's registered keeper.
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Yes, you can use Lloyds PCP car finance for both new and used cars.
When you apply for PCP, you’ll need to give us some information about your car – including age and mileage – and we’ll let you know if we can offer finance or not.
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No, we don’t offer part exchange as part of our car financing products. If you’re interested in a part exchange, you may be able to arrange this with your dealership.
Or you could sell your car privately and use the money for a larger deposit.
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Yes, you can still apply for a PCP with a poor credit rating. Sometimes, if you cannot apply for a loan, you may still be able to apply for Online Car Finance.
Check with a quick quote which won’t affect your credit score.
Your debt is secured against your car. If you can’t make the repayments, you risk your car being repossessed.
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You can get a PCP on new cars and used cars. The choice is yours.
Lloyds doesn’t offer car finance on:- commercial vehicles
- motorhomes or caravans
- motorcycles.
There are also restrictions on mileage, age and models. Start a PCP quote, and we’ll let you know if your chosen car is suitable.
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Important legal information