Bentley PCP
Like lease purchase, but the lender promises what it will be worth.
- If it is worth less
- The lender. You can hand the car back instead.
- Own it at the end
- Your choice
- Monthly cost
- Lower
- Available to
- Companies and individuals
A personal contract purchase defers a final payment in the same way lease purchase does, with one difference that changes everything about it: the lender promises what the car will be worth at the end instead of guessing at it. PCP is what everyone actually says.
If the car is worth less than the guaranteed figure at the end, the shortfall belongs to the lender and not to you. You hand it back and walk away. If it is worth more, the equity is yours to take as the deposit on the next one. That protection is priced into the rate, so a PCP is rarely the cheapest agreement on the table.
The sums look like lease purchase. On a Continental GT at £200,000 with a 20 per cent deposit and £90,000 guaranteed at the end, 48 months at an indicative nominal rate of 8.9 per cent gives £2,406 a month, against £3,974 with nothing deferred. The rate on a real PCP usually sits a little above that, because someone has to pay for the guarantee and it is not the lender.
A PCP written to a limited company for business purposes is unregulated and we arrange it directly. A PCP written to you personally is regulated consumer credit, and that is arranged through an FCA authorised broker partner. We are a broker rather than a lender, we are not a retailer, and we do not sell cars.
What a Bentley PCP contains
A deposit, a term, a rate, an annual mileage, a guaranteed final payment and a condition standard for the return of the car. That last pair is what separates it from everything else on this site. Under hire purchase nobody inspects anything, because the car is yours. Under a PCP the lender has guaranteed a value and therefore has an interest in the state it comes back in. Read the mileage figure and the condition wording before you read the rate, because on a car at this price those two clauses carry more money than a point on the rate ever will.
Why the Bentayga is the easiest car here to place on PCP
Because a guarantee needs evidence, and the Bentayga has more of it than anything else Crewe builds. A lender committing to a figure four years out on a £176,000 car wants a deep pool of comparable sales to look at, and the SUV provides one. The Continental GT is next. On the low-volume cars, the coachbuilt runs and anything pre-2010, a PCP will usually not be offered at all, and a broker telling you otherwise is describing lease purchase and calling it something else.
When a PCP is the wrong answer
When you already know you are keeping the car, which is most of the time. Paying for a walk-away option you will never exercise means hire purchase or lease purchase would have cost less over the same term. It is also the wrong answer on anything you expect to appreciate, because a guarantee is worthless when the market is above it. And it is the wrong answer where the money would be better raised another way: refinancing a car you already own frequently beats every quote a lender will give on the new one.
Tell us about the car
We come back with which agreements the car supports and what each one is likely to cost. If none of them work, that is the answer you get.