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Approximately 80% of the cars on the road today are financed through Personal Contract Plan’s (PCP) meaning PCP schemes have become the most popular method of financing a vehicle. PCP’s allow for lower monthly payments and could even allow you to change your car more often!

Personal Contract Plans work by placing an initial deposit on the vehicle followed by deciding the length of your contract along with your annual mileage allowance. Your mileage can be whatever suits you, whether that’s high or low! It’s important to remember to choose your mileage wisely… you could be charged for every extra mile over your annual mileage.

A common misunderstanding with Personal Contract Plans is that they are regularly thought to be only for those who are low annual mileage drivers… Here’s where Myth & Buster come in, they are here to investigate these claims and help inform you of the truth!

Watch Myth & Buster take on this mileage misconception in their video here! To learn more about Personal Contract Plans, visit the PCP car finance options part of our website!

 

Source: Financial Times - Are the wheels about to fall off car finance?