What is MINI Personal Contract Purchase (PCP)? Personal Contract Purchase (PCP) is a finance product that allows you the opportunity to buy a new or a used car. It is similar to a Hire Purchase agreement as you will usually pay an initial deposit, followed by monthly instalments over a term typically between 24 to 48 months.What makes PCP different to Hire Purchase (HP) is that your monthly instalments are paying off the depreciation of the car, and not its entire value, over the course of the term.
What is MINI Hire Purchase (HP)? ​Hire Purchase is a way to finance buying a new or used car. You will normally pay an initial deposit and will pay off the entire value of the car in monthly instalments. When all the payments are made, the Hire Purchase agreement ends, and you own the car outright. ​

How does PCP actually work?​

Begin by choosing which MINI model is right for you. Then, decide how much you are able to put down as a deposit, how long you want the agreement to last (between 24 and 60 months) and what your average annual mileage is likely to be. Next – and this is what really sets PCP apart - we take a portion of the cost of your MINI and freeze it until the end of your finance agreement. This becomes your optional final payment and also reduces your monthly payments.** To work out the size of this optional final payment, we use our expertise to estimate what your Mini will be worth when your finance agreement ends. This is why we also refer to it as your MINI's Guaranteed Future Value (GFV).

PAY LESS THAN YOU THINK.
Deferring part of your MINI's value until the end of your agreement could make your monthly payments significantly smaller, giving you the flexibility to opt for the right model within your budget.

What are the advantages of PCP?

PCP offers the advantage of a lower monthly payment when directly compared to a HP agreement. By deferring part of your MINI's value until the end of the agreement, referred to as your MINI's Guaranteed Future Value, you are able to reduce your monthly payment significantly against a HP agreement.

What should you consider when opting for a PCP?

A consideration when taking a PCP agreement over a HP agreement is whether you want to own the vehicle outright at the end of the agreement without the need to settle your MINI's Guaranteed Future Value. A HP agreement will have a higher monthly payment that will be the same throughout the agreement but without the Guaranteed Future Value at the end of the agreement. 

Can I settle my PCP agreement early?

Yes, you are able to settle your PCP agreement early. You can do this by requesting a settlement figure directly from your finance provider and settling the value in full. You also have the option to sell or part exchange your car. A consideration if you choose to sell or part exchange your MINI is the value of the car against the outstanding finance settlement. 

How does HP actually work?​

Once you’ve chosen the model that’s right for you, simply decide how much you would like to put down as your deposit and how long you would like your finance agreement to last (between 24 and 60 months). Next, we’ll calculate your monthly payments, which will include interest and fees. Once all payments have been made at the end of the agreement, you own your MINI**.

What are the advantages of HP?

The advantage of a HP agreement is that you will own your MINI outright at the end of the agreement assuming all payments have been made. The monthly payment is set throughout the agreement and you are able to set the length of the agreement to suit your requirements, up to a maximum of 60 months.

What should you consider when opting for a HP?

A consideration when opting for a HP agreement is whether you want to own your MINI at the end of your agreement as well as the affordability element. The monthly payment is higher for a HP agreement when comparted directly against a PCP agreement.

Can I settle my HP agreement early?

Yes, you are able to settle your HP agreement early. You can do this by requesting a settlement figure directly from your finance provider and settling the value in full. You also have the option to sell or part exchange your car. A consideration if you choose to sell or part exchange your MINI is the value of the car against the outstanding finance settlement.