Car Buyers that take advantage of this kind of finance deal from dealership, should be warned they could have fallen victim to a new type of mis-seling misconduct. The finance in question is known as Personal Contract Plans aka: PCP. Being one of the most popular ways to finance a car in recent years it affects a large portion of new car owners.
The National Association of Commercial Finance Brokers (NACFB) states that the perplexing proposal of PCPs is exploited by dealers to persuade drivers they are getting a superior deal. That or that, the PCP deal, being offered is a more cost-efficient option, in contrast to conventional hire-purchases (HP). A PCP is similar to a personal loan, which usually lasts in the range of two to four years. However, the loan's size is equal to the anticipated amount of depreciation of the vehicle for the length of the deal.
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