Griffin / Finance Explained
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
Spread the full cost of the car over fixed monthly payments. You own it outright at the end. Best if you want to keep the car long-term.
PCP
Personal Contract Purchase
Lower monthly payments. At the end, choose: pay the balloon and keep the car, hand it back, or part-exchange for a new one.
PCH
Personal Contract Hire
Pure leasing. Fixed monthly payments, you hand the car back at the end. No ownership, no resale worries.
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