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.
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