Car finance,
in plain English.
HP, PCP, PCH — three letters and a lot of confusion. Here's what each one actually means.
HP
Hire Purchase
Best if you want to own outright
Spread the full cost of the car over fixed monthly payments. You own it outright at the end. No final balloon, no mileage limits.
PCP
Personal Contract Purchase
Lower monthlies, three exit choices
Lower monthly payments. At the end, choose: pay the balloon and keep the car, hand it back, or part-exchange for your next.
PCH
Personal Contract Hire
Pure leasing, no ownership
Fixed monthly payments, you hand the car back at the end. No ownership, no resale worries, just driving.
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The questions everyone asks
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