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Glossary of terms

From an HP to your APR, we cut through the nonsense to help you demystify the world of car finance.

PCP, which stands for personal contract purchase or personal contract plan, is a form of car finance that Oodle Car Finance do not offer. Unlike a traditional hire purchase, where the customer repays the total debt in equal monthly instalments, PCPs are structured so that the customer pays a lower monthly instalment over the contract period (usually somewhere between 24 and 48 months), leaving a final balloon payment to be made at the end of the agreement. The total borrowing is the same in both cases, and interest is payable on the entire amount (including the balloon payment on the PCP).