{"id":7985,"date":"2021-07-19T11:06:03","date_gmt":"2021-07-19T10:06:03","guid":{"rendered":"https:\/\/www.stoneacre.co.uk\/blog\/?p=7985"},"modified":"2025-07-17T16:26:45","modified_gmt":"2025-07-17T15:26:45","slug":"car-finance-pcp-or-bank-loan","status":"publish","type":"post","link":"https:\/\/www.stoneacre.co.uk\/blog\/car-finance-pcp-or-bank-loan","title":{"rendered":"Car Finance: PCP or Bank Loan?"},"content":{"rendered":"\n<p>Have you been looking into buying a car on finance but not sure what the best option is? Well luckily, we\u2019ve made that easy for you by comparing the most popular options of car financing: <a href=\"https:\/\/www.stoneacre.co.uk\/personal-contract-purchase\"><strong>Personal Contract Purchase (PCP)<\/strong><\/a> or a Bank Loan. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong><span style=\"text-decoration: underline\">Personal Contract Purchase (PCP) Finance:<\/span><\/strong><\/h2>\n\n\n\n<p>One of the most popular options for car financing is Personal Contract Purchase Finance (PCP) through a <a href=\"https:\/\/www.stoneacre.co.uk\/dealerships\"><strong>car dealership<\/strong><\/a>. This is a car rental agreement through a dealer where you only pay the value of depreciation over the agreed term. A PCP may seem difficult at first, but it is only comprised of three main payments with a few T&amp;Cs:<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>A deposit<\/li>\n\n\n\n<li>Monthly payments<\/li>\n\n\n\n<li>Balloon Payment<\/li>\n<\/ol>\n\n\n\n<h2 class=\"wp-block-heading\"><strong><span style=\"text-decoration: underline\">PCP Deposit &#8211; How Does it Work?<\/span><\/strong><\/h2>\n\n\n\n<p>Paying a deposit is simple. Car dealers will typically ask for a minimum of 10% of the value of the car, which starts you off towards the monthly payments. However, if you have the ability to put down a higher initial deposit, you can lower the cost of each monthly payment. <\/p>\n\n\n\n<p>Making monthly payments is the only way of keeping the vehicle throughout the duration of your agreed contract. This payment will always be discussed when deciding the right contract &#8211; and is valued against several factors, such as the value of the car, the amount of deposit, the agreed mileage and contract length.<\/p>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-1 wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button has-icon__arrow-right\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/www.stoneacre.co.uk\/car-finance\/resources\/car-finance-broker\">Find Out About Car Finance Brokers<span class=\"wp-block-button__link-icon\" aria-hidden=\"true\"><svg viewBox='0 0 16 11' xmlns='http:\/\/www.w3.org\/2000\/svg'><polygon points='0 4.7 13.1180124 4.7 9.44099379 1 10.4347826 0 16 5.5 10.4347826 11 9.44099379 10 13.1180124 6.3 0 6.3'><\/polygon><\/svg><\/span><\/a><\/div>\n<\/div>\n\n\n\n<p>What can be confusing is the <a href=\"https:\/\/www.stoneacre.co.uk\/car-finance\/resources\/gmfv-meaning\"><strong>balloon payment<\/strong><\/a>. Often known as a <strong><span style=\"text-decoration: underline\"><a href=\"https:\/\/www.stoneacre.co.uk\/car-finance\/resources\/gmfv-meaning\">Guaranteed Minimum Future Value (GMFV)<\/a><\/span><\/strong>, this is your OPTIONAL final expense to the finance issuer if you decide to keep the car once your agreement has come to an end that will cover the cost for the rest of the car.<\/p>\n\n\n\n<p>Finally, when you\nreach the end of your contract the car dealership will invite you back to discuss\nyour next steps. <\/p>\n\n\n\n<p>These can be: <\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Paying the balloon payment to own the car outright. <\/li>\n\n\n\n<li>Give the car back and start a new PCP agreement with a\ndifferent car.<\/li>\n\n\n\n<li>Hand it back and walk away. <\/li>\n<\/ul>\n\n\n\n<p>This makes choices very flexible in terms of your next steps to either upgrading to a <a href=\"https:\/\/www.stoneacre.co.uk\/new-cars\"><strong>new car<\/strong><\/a> or adopting the current one permanently.<\/p>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-2 wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button has-icon__arrow-right\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/www.stoneacre.co.uk\/car-finance\/resources\/who-legally-owns-a-car\">Who Legally Owns the Car During Car Finance?<span class=\"wp-block-button__link-icon\" aria-hidden=\"true\"><svg viewBox='0 0 16 11' xmlns='http:\/\/www.w3.org\/2000\/svg'><polygon points='0 4.7 13.1180124 4.7 9.44099379 1 10.4347826 0 16 5.5 10.4347826 11 9.44099379 10 13.1180124 6.3 0 6.3'><\/polygon><\/svg><\/span><\/a><\/div>\n<\/div>\n\n\n\n<figure class=\"wp-block-image aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/www.stoneacre.co.uk\/blog\/wp-content\/uploads\/2022\/06\/image-2022-06-23T155327.216-1.jpg\" alt=\"PCP or bank loan\" class=\"wp-image-11095\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><strong><span style=\"text-decoration: underline\">What are PCP Advantages and Disadvantages?<\/span><\/strong><\/h2>\n\n\n\n<p><strong>Pros:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Option to get a new car at the end of the agreement.<\/li>\n\n\n\n<li>Low monthly payments.<\/li>\n\n\n\n<li>No chance of losing personal assets.<\/li>\n<\/ul>\n\n\n\n<p><strong>Cons:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Charged if the mileage exceeds the monthly quota.<\/li>\n\n\n\n<li>This is a rental \u2013 never fully own the vehicle, unless\nthe balloon payment is made.<\/li>\n\n\n\n<li>Damage fees.<\/li>\n<\/ul>\n\n\n\n<p>Remember, a PCP is a rental agreement between you and the car financer, much like renting a house, so you do not fully own the car until you put down a balloon payment.<\/p>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-3 wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button has-icon__arrow-right\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/www.stoneacre.co.uk\/car-finance\/resources\/dmp-car-finance\">Debt Management Plan on Car Finance<span class=\"wp-block-button__link-icon\" aria-hidden=\"true\"><svg viewBox='0 0 16 11' xmlns='http:\/\/www.w3.org\/2000\/svg'><polygon points='0 4.7 13.1180124 4.7 9.44099379 1 10.4347826 0 16 5.5 10.4347826 11 9.44099379 10 13.1180124 6.3 0 6.3'><\/polygon><\/svg><\/span><\/a><\/div>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><strong><span style=\"text-decoration: underline\">Bank Loan:<\/span><\/strong><\/h2>\n\n\n\n<p>Another popular option for people is a bank loan. With a bank loan, there is the ability to loan the full value of the car from the lender, so you can completely own that vehicle. There are no rentals, no limitations on mileage, and no ties to the car dealership you\u2019ve made that purchase from as you are a cash buyer.<\/p>\n\n\n\n<p>Currently, there are two options for a loan. <\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>The first option is a secured bank loan, in which the bank will ask you to secure that loan against an asset as a guarantee to pay the set payments each month. The typical asset against a loan is a house, but a BIG factor to consider here is if payments aren\u2019t made on time \u2013 your house can become repossessed. Not ideal if you can\u2019t assure the payments will be made.<\/li>\n\n\n\n<li> The second option for a bank loan is an unsecured loan. None of your assets will be asked to go against this loan, but more times than enough a <a href=\"https:\/\/www.stoneacre.co.uk\/car-finance\/resources\/guarantor-car-finance\">guarantor <\/a>will need to be provided as a liability if you cannot make the monthly payment. This essentially means they will have to make the payment for you.<\/li>\n<\/ol>\n\n\n\n<p>The most appealing part of a bank loan is the fact you would own the whole car. It is yours \u2013 it doesn\u2019t need to go back to the dealership in a few years \u2013 you can do as you please with it.<\/p>\n\n\n\n<figure class=\"wp-block-image aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/www.stoneacre.co.uk\/blog\/wp-content\/uploads\/2022\/06\/image-2022-06-23T160037.661.jpg\" alt=\"PCP Or Bank Loan\" class=\"wp-image-11096\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><strong><span style=\"text-decoration: underline\">Bank Loan Advantages and Disadvantages:<\/span><\/strong><\/h2>\n\n\n\n<p><strong>Pros:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Car is yours to do what you please with.<\/li>\n\n\n\n<li>Flexible options in the long run.<\/li>\n\n\n\n<li>Do not need a deposit.<\/li>\n<\/ul>\n\n\n\n<p><strong>Cons:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>If a secured bank loan is chosen, payments need to be made on time or risk losing an asset.<\/li>\n\n\n\n<li>A longer length loan agreement can make interest higher, essentially paying more than the car\u2019s actual valuation.<\/li>\n\n\n\n<li>Dependent on personal credit rating.<\/li>\n<\/ul>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-4 wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button has-icon__arrow-right\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/www.stoneacre.co.uk\/car-finance\/resources\/credit-check-for-car-finance\">What Is a Credit Check?<span class=\"wp-block-button__link-icon\" aria-hidden=\"true\"><svg viewBox='0 0 16 11' xmlns='http:\/\/www.w3.org\/2000\/svg'><polygon points='0 4.7 13.1180124 4.7 9.44099379 1 10.4347826 0 16 5.5 10.4347826 11 9.44099379 10 13.1180124 6.3 0 6.3'><\/polygon><\/svg><\/span><\/a><\/div>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><strong><span style=\"text-decoration: underline\">Which Car Finance Type is Right for Me?<\/span><\/strong><\/h2>\n\n\n\n<figure class=\"wp-block-image aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/www.stoneacre.co.uk\/blog\/wp-content\/uploads\/2022\/06\/image-2022-06-23T160134.676.jpg\" alt=\"PCP or Bank loan\" class=\"wp-image-11097\" \/><\/figure>\n\n\n\n<p>After looking at both a PCP and a Bank Loan, it\u2019s time to really consider which would suit you for getting your next car. Both options are great ways to affordably manage the costs of a car, especially if it\u2019s a dream car of yours.<\/p>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-5 wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button has-icon__arrow-right\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/www.stoneacre.co.uk\/car-finance\/resources\/how-much-can-i-borrow\">Find Out How Much You Can Borrow<span class=\"wp-block-button__link-icon\" aria-hidden=\"true\"><svg viewBox='0 0 16 11' xmlns='http:\/\/www.w3.org\/2000\/svg'><polygon points='0 4.7 13.1180124 4.7 9.44099379 1 10.4347826 0 16 5.5 10.4347826 11 9.44099379 10 13.1180124 6.3 0 6.3'><\/polygon><\/svg><\/span><\/a><\/div>\n<\/div>\n\n\n\n<p>The first way to look at these car finance options is whether you want the car indefinitely, or if you like the idea of changing it every few years.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Car Ownership<\/strong><\/h3>\n\n\n\n<p>If your first thoughts are \u2018I want the car for a long time &#8211; to do as I please &#8211; no fixed mileage to think about\u2019, then a bank loan might be the best choice so you can own the car outright with your own rules. <\/p>\n\n\n\n<p>Also if your <a href=\"https:\/\/www.stoneacre.co.uk\/car-finance\/resources\/credit-score-for-car-finance\">credit score<\/a> is good, the bank may offer a good deal on their interest rates so monthly payments may not be too much.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Contract Flexibility<\/strong><\/h3>\n\n\n\n<p>Alternatively, with a PCP &#8211; the exciting fact is that when your contract is up, you don\u2019t need to be tied down to the car and you can hand it back either and walk away, or better yet get an upgrade! <\/p>\n\n\n\n<p>As well, car dealerships tend to give great discounts or good deals for your monthly costs, which is a great incentive to check out their offers in the branch.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\" \/>\n\n\n\n<p>With a lot to consider, the main takeaway points from choosing between PCP or a bank loan would be: do you want to \u2018rent a car\u2019 that could be traded in for a brand new one at the end of your contract, or would you want to own the car with no restrictions such as damage fees and mileage excess?<\/p>\n\n\n\n<p>Want to find out more about car finance? Head over to our <a href=\"https:\/\/www.stoneacre.co.uk\/car-finance\/resources\"><strong>car finance page<\/strong><\/a> to explore your financing options.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-css-opacity\" \/>\n\n\n\n<p class=\"has-text-align-center has-small-font-size\"><strong>Representative example: \u00a319,121.93 repayable over 48 months. 48 monthly payments of \u00a3323.72. Deposit of \u00a31,266.23. Amount of credit \u00a317,855.70. Representative 11.36% APR. Fixed rate per annum 6.46%. Final Payment \u00a38,511.57. Option to purchase fee \u00a3399.00. Cost of Credit \u00a36,194.43. Total amount payable (Incl. Deposit, charge for credit, final payment &amp; purchase fee) is \u00a325,715.36.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Have you been looking into buying a car on finance but not sure what the best option is? Well luckily, we\u2019ve made that easy for you by comparing the most popular options of car financing: Personal Contract Purchase (PCP) or a Bank Loan. Personal Contract Purchase (PCP) Finance: One of the most popular options for [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":7992,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4,17],"tags":[31],"class_list":["post-7985","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-advice-centre","category-car-buying-selling","tag-car-finance"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Car Finance: PCP or Bank Loan? - Stoneacre Motor Group<\/title>\n<meta name=\"description\" content=\"Want to know what is better, Personal Contract Purchase (PCP) or Bank Loan? Find out here with our comparison for both.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.stoneacre.co.uk\/blog\/car-finance-pcp-or-bank-loan\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Car Finance: PCP or Bank Loan? - Stoneacre Motor Group\" \/>\n<meta property=\"og:description\" content=\"Want to know what is better, Personal Contract Purchase (PCP) or Bank Loan? 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