What is PCP | How does a PCP agreement work | End of terms options | Eligibility criteria | How to apply
PCP is a Personal Contract Plan which is a form of hire purchase agreement. PCP is a flexible way to finance a new or used car (up to 3 years old), with lower monthly repayments than a comparable Consumer Hire Purchase agreement due to the repayment structure, and a choice of what to do at the end of the term.
Instead of paying off the full cost of the vehicle over the term, you finance only a portion of its value. The remaining amount, known as the Optional Final Payment or Guaranteed Minimum Future Value (GMFV), is deferred to the end of the agreement.
If you already have a PCP agreement with PTSB, see our FAQs for guidance on managing your agreement and understanding your available options.
*The term or length of your finance depends on the age of the vehicle. The car must be no more than 6 years old at the end of your agreement. For example, if the car is 3 years old, you can finance it for up to 3 years.
The vehicle must have no more than 180,000km recorded at the end of term.
PCP is just one of several ways to finance a vehicle. Compare PCP, Consumer Hire Purchase and Personal Loan to understand how they differ in areas such as ownership, repayments, flexibility and end-of-term options.
Finance Amount: €26,360 at a fixed rate of 6.92% APR over a 3-year term will require 36 monthly payments of €493.68, and a final optional payment of €12,521 to own the vehicle.
Total Cost of Credit is €4,060.14. A documentation fee of €63.33 and a purchase instalment fee of €63.33 applies. The total amount repayable is €30,420.14.
Total Commission amount paid by PTSB Asset Finance to the Credit Intermediary is €790.80 (3% of the amount financed).
The GMFV (Guaranteed Minimum Future Value) is the portion of the vehicle's value that is deferred until the end of the agreement. This reduces your monthly repayments throughout the term. The GMFV is equal to the optional final payment and is only payable if you choose to keep the vehicle at the end of the agreement.
You agree an annual mileage limit at the start of your agreement between 10,000 and 30,000 km per year. Exceeding your agreed mileage may result in excess mileage charges at the end of the agreement.
Find out other terms and more details of how PCP Finance works on PCP FAQs page.
You only pay the optional final payment (also known as GMFV), if you decide to keep the car.
To apply for our PCP car finance, you will need to meet certain criteria. Meeting these criteria does not guarantee approval, all applications are subject to a credit assessment.
PCP is available through participating authorised Motor Dealers (Credit Intermediaries). If you want to know which dealerships we work with, visit the CCPC website for more information.
Please note: PTSB Asset Finance will pay commission to Motor Dealers (acting as Credit Intermediaries) for new business finance originated through them.
Commission will be calculated as a percentage of the amount borrowed.
Warning: You may have to pay charges if you pay off a hire purchase agreement early.
Warning: If you do not meet the repayments on your hire purchase agreement, your account will go into arrears. This may affect your credit report, which may limit your ability to access credit, a hire purchase agreement, a consumer hire agreement or a BNPL agreement in the future.
