Personal Contract Purchase (PCP)

Personal Contract Purchase or PCP as it's sometimes known could be a good choice if you like to update your car regularly. Or you're looking for lower monthly payments than a Hire Purchase agreement.

Personal Contract Purchase Representative example

You could borrow £13,000 over 48 months with 48 monthly repayments of £200.04 and one optional final payment of £6,850. Total amount repayable will be £16,448.00 (including £10.00 purchase fee). 8.9% APR, annual interest rate (fixed) 8.54%.

This example uses the representative APR. This is the rate at least 51% of customers are expected to get for our PCP product with the mentioned amount and term range.

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.

Is Personal Contract Purchase the right choice for me?

Am I eligible?	PCP features and benefits.	Things to consider.
Am I eligible? You'll need to be aged 18 or over Be a UK resident Be a Halifax Current Account holder (min 3 months) Registered for Online Banking	PCP features and benefits. Choose how much deposit you pay Set your own mileage limit Lower monthly repayments No credit searches No early repayment charges Pay a final lump sum to own the car or return it in good condition	Things to consider. Paying a bigger deposit will lower your monthly repayments Excess mileage charges may apply if you exceed the agreed mileage limit Charges may apply if the car is not returned in good condition; normal wear and tear is accepted

How does Halifax Car Finance work?

It's a simple and quick journey, whether you're just browsing, or you've found the car you want. Here's what you can expect.

Frequently asked questions about Personal Contract Purchase

Here's some helpful information based on the most frequently asked questions our customers have.

I want to speak to someone about my PCP application expandable section
If you’d like to speak to someone about your recent car finance application, we’re here to help.

Call: 0333 202 7967

Lines are open:
- Monday to Friday, 8.30am – 6pm
- Saturday, 9am – 1pm
- Sunday and Bank Holidays, closed.
Are there any restrictions on which type of car I can buy? expandable section

There’s some restrictions depending on the make, model, age and mileage of the car. As part of your quote we’ll ask you to enter the details for the car you want to buy. You’ll get an immediate decision on if it’s possible to take car finance out.

Please note: If you’re looking to finance commercial vehicles, vans, motorcycles, caravans or motorhomes, a personal loan may be more appropriate.

See personal loans
Can I part-exchange my current car? expandable section

We currently don’t offer a part exchange service as part of Halifax Car Finance. However, it may be possible to arrange a part-exchange directly with the dealership. If the dealership agree the part-exchange this would be reflected in the final price you agree with them for the new car. We would then pay the agreed amount directly to the dealership as normal.
I’ve found the car I want, do you cover my preferred car dealership? expandable section

We work with the majority of car dealerships in the United Kingdom. During your car finance application you will be able to search by location or post code for your car dealership.

If your car dealership is not available to choose from the list, don’t worry we can usually update it within 24 hours with the details you provide.

Please note: We are currently unable to offer car finance for the following dealerships; Cazoo, Cinch and Motorpoint.
If I take car finance out, am I able to register the car in someone else’s name expandable section

Unfortunately, we don’t allow cars to be registered in someone else’s name. The person applying for car finance will be the named registered keeper of the car. You’ll need to have a valid driving licence permitting you to use the car and be the main driver; including on your car insurance policy.

If you’d like someone else to have use of your car, with your permission. They will need to hold a valid driving licence and be a named driver on your car insurance policy.
How do Halifax pay for my car and how long will it take? expandable section

Once you’ve agreed the sale with the car dealership, you’ll need to sign in to Online Banking. You’ll need to enter the bank details of the dealership and the final agreed amount to complete the finance agreement. Then sign the legal documents online.

We will transfer the money directly to the dealership directly as soon as you've signed the legal documents.

It can take several hours for the money to be received. Payments made after 2.30pm will be with the dealership before 12pm the following day.
Can you arrange for the car to be delivered to me? expandable section

We don’t currently offer a delivery service as part of our Car Finance. However, it may be possible to arrange this directly with the dealership as part of the sale. Depending on the dealership they may be able to offer you a contactless delivery service.