Business

Save Yourself with PCP Claims

3 Mins read

In the UK, car purchasing could be daunting, especially when you need to know the options. The personal contract purchase(PCP) has become a standard financing scheme under which people buy vehicles, primarily cars. Usually, people prefer to make an initial deposit to buy the car and then start paying monthly instalments. Lately, they have found out that purchasing a vehicle has become an expensive deal. Also, they have been mis-sold and asked for PCP claims in the UK. 

What is PCP Finance?

Personal Contract Purchase, more commonly known as PCP, is the most popular form of car financing. It is one of the inexpensive and most efficient ways to buy a car while putting down the least amount of money upfront. Under the contract of PCP, the vehicle does not belong to the buyer but remains the seller’s property. 

Economical Car Financing through Latest Purchase Agreement

To understand PCP finance, you must know about the legal ways of car financing in the UK.  People have found PCP a safe and economical way to purchase cars with less upfront cost. To understand PCP finance, you must know about the legal ways of car financing in the UK.  People have found PCP a safe and economical way to purchase cars with less upfront cost. It has become an easy method in car financing in the UK, where you can make monthly payments. The popularity of PCP finance has allowed customers to buy budget-friendly vehicles through monthly installments. It has flexible payment methods because it covers the depreciated value of the vehicle and the buyer can drive a new car at affordable rates. If they have saved up an amount before the contract ends, they can always use the balloon payment option.

Balloon Payment in PCP Contract

The balloon payment is the final cost of the purchase. It can be made by the buyer at the end of the contract term to transfer the vehicle into their name. This type of payment is different from monthly payments as it has greater financial value. The calculation of balloon payment is created according to mileage, condition and devaluation of the vehicle. Moreover, the balloon payment also considers the future value of the vehicle.  

Risks Involved in Purchase Agreement

Often, consumers are mis-sold in the PCP financing scheme. Low transparency and high vehicle pricing are likely when discussed with the dealers. Different customers get different offers for the exact vehicle before it is sold to one of them, depending on the PCP finance contract. They can make PCP claims through solicitors. There are other ways a person is mis-sold in PCP finance, including additional insurance, excessive interest rates, uninformed costs, and difficult words used in PCP contracts that a layman cannot understand. You can be compensated for your purchasing loss if you have gone through these problems.

PCP Claims for UK Car Financing

Consumers often find it a hassle to make PCP claims when unfamiliar with such financing schemes. The claim can be created by hiring a knowledgeable solicitor to ask for your registration details and evidence of how you found yourself mis-sold in car purchasing. They will assess the claim and determine the unlawful practices used to arrange the finance. These are related to questions about knowing the commission on the dealership, different finance options you were told and the credit agreement at the time of the sale. 

PCP Claims Can Be with Legal Assistance

It is easy to make PCP claims if you find the perfect legal assistance for your compensation. Hiring legal experts for your claims is beneficial because they provide step-by-step support to make it easier for their potential clients. You will not need to pay anything while making your PCP claim with the lawyer. In fact, usually, the solicitors have a ‘No Win, No Fee’ policy for their customers. At Legal Assist, you can make quick claims with the help of our solicitors. 

Get in touch with us today to make hassle-free claims!

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