Not sure which product is right for you? The table below compares PCP vs CHP vs PTSB's Personal Loan.
| Comparison | Personal Contract Plan (PCP) | Consumer Hire Purchase (CHP) | Personal Loan |
|---|---|---|---|
| What is it? | PCP is a credit agreement which lets you spread the cost of a vehicle over a fixed period, with options at the end to trade it in, keep it, or return it. | Hire Purchase is a credit agreement which lets you pay for your vehicle in regular instalments and own it once all payments are complete. | A Personal Loan allows you to purchase your vehicle through payment of regular instalments. |
| Minimum Loan Amount | €5,000 | €5,000 | €1,500 |
| Deposit Required | Minimum 10% / Maximum 30% | Minimum 10%* | Not applicable |
| Rate Type | Fixed | Fixed | Variable |
| Available Terms | 2 - 4 years | 2 - 6 years | 6 months - 5 years |
| Vehicle Ownership | Optional, if you want to own the vehicle at end of term | At end of term | Car is owned from the outset |
| Optional Final Payment | Optional, if you want to own the vehicle at end of term | Not applicable | Not applicable |
| GMFV (Guaranteed Future Minimum Value) | ✓ | Not applicable | Not applicable |
| Mileage Range Limits | 10,000 - 30,000 km per year | Not applicable | Not applicable |
| Fair Wear and Tear Conditions Apply | ✓ | Not applicable | Not applicable |
| What Happens at the End of Term | You have 3 options:
|
Once all monthly payments are made, as well as the purchase instalment fee, you become the owner of the vehicle. | Once all monthly payments are made, your loan is paid in full. |
| Document Fee | €63.33 | €63.33 | Not applicable |
| Purchase Fee | €63.33 | €63.33 | Not applicable |
| How to Apply | Available through one of our approved dealers. Visit ccpc.ie for a list of approved motor dealers. | You can apply through one of our approved dealers or through PTSB Asset Finance. Visit ccpc.ie for a list of approved motor dealers.** | Available online, in app, in branch, or over the phone. |
| PCP Finance | CHP Finance | Car Loan |
*Where the age of a vehicle will be greater than 10 years old at the end of the agreement, a minimum deposit of 20% is required.
**Please note, we will pay commission to Motor Dealers (acting as Credit Intermediaries) for new business finance originated through them. The commission paid is determined by PTSB Asset Finance and is 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.
