See PCP Finance video
BMW Select, our Personal Contract Purchase product, is our most popular car finance product for both new and used cars. This is because it generally has lower monthly repayments and provides you with flexible options at the end of the agreement. It’s particularly good for those who appreciate having the option to own the car at the end of the contract or you can simply return it without additional commitments or part exchange it for a new BMW.
With PCP, you defer a portion of the cars total value until the end of the agreement and this optional payment needs to be made if you want to purchase the car. This amount is the Guaranteed Minimum Future Value.
More BMW for your money
As you are deferring a proportion of the car’s value until the end of the agreement, your monthly payments could be less than you think. This may give you the flexibility to add more options to your car, or even upgrade to a higher specification model, all within your budget. Or you can simply pay less each month for the car you want, compared to Hire Purchase, our alternative product offering.
How PCP finance works
Fixed repayments
Monthly repayments are fixed during the agreement and spread equally throughout the term, including interest.
Guaranteed minimum future value (GMFV)
We guarantee the minimum the vehicle will be worth at the end of the agreement, based on agreed annual mileage and maintenance of the vehicle. If you drive more than the agreed annual mileage or the vehicle is damaged beyond our fair wear and tear standards, you may need to pay additional charges.
Choose to own, return or exchange the vehicle
At the end of the agreement, customers can pay the completion fee of €75 and the Guaranteed Minimum Future Value (GMFV) to become the legal owner of the vehicle, hand it back and walk away, or part-exchange it for a new one.
Features of PCP:
Lower Monthly Payments: You only pay for the car's depreciation (value lost) during the term, not its full price, leading to lower monthly costs than traditional financing.
Flexibility at the End: Choose to:
· Return the car (mileage/condition charges may apply).
· Trade it in for a new one, using any positive equity as a deposit.
· Pay the large final payment" to own it outright.
Drive Newer Cars More Often: Lower monthly costs make it easier to afford a higher-spec or newer model and switch every few years.
Large Final Payment: A significant sum is required at the end to own the car, which can be a financial strain.
Mileage Restrictions: Exceeding the agreed annual mileage leads to expensive excess mileage charges.
Wear & Tear Charges: You'll be charged for damage beyond "fair wear and tear" if you return the vehicle, requiring good maintenance.
Higher Cost: While the monthly payments are lower, the overall cost may be higher if you choose to purchase the car.
Terms & Conditions
Finance is provided by BMW Financial Services. BMW Financial Services (Ireland) DAC trading as MINI Financial Services, BMW Financial Services, ALPHERA Financial Services and BMW Insurance Solutions, is regulated by the Central Bank of Ireland.
Finance available subject to underwriting and acceptance criteria. ROI Residents over 18 only. A guarantee may be required.
Warning: If you do not meet the repayments on your hire–purchase agreement your account will go into arrears. This may affect your credit report, which may limit your ability to access credit, a hire-purchase agreement, a consumer-hire agreement or a BNPL agreement in the future.
Warning: You may have to pay charges if you pay off a hire-purchase agreement early.