Can I settle a PCP early?

Can you pay off the balance early without penalies with a PCP scheme?

Asked on 17 August 2023 by Steve Dawes

Answered by David Ross
The specifics of your PCP agreement will indicate if there is a penalty to settle early, but generally speaking there is not usually an additional fee. You should ask the finance company for a settlement figure, as they cannot charge you all the interest that would normally apply if you continued to make monthly payments, so this would usually work out cheaper.
Similar questions
Could you please clarify what would happen at the end of a deal if the car is worth less than the GMV, who takes the loss & is the deposit still safe, With the large depreciation figures I have seen on...
An elderly relative has owned a car for one year of a three year purchase agreement. During this year he has been diagnosed with dementia and is not capable of driving. The car is stored off road and the...
Can I return my car due to the coronavirus outbreak? I can't afford the car now. I have about 9 months left till the midway point of the finance agreement.
 

Value my car

Save £75 on Warranty using code HJ75

with MotorEasy

Get a warranty quote

Save 12% on GAP Insurance

Use HJ21 to save on an ALA policy

See offer