The PCP Time Bomb?
Personal Contract Plans or PCP’s are a relatively new concept in Ireland, which allowed people to purchase cars at a relatively more affordable monthly cost that a straight Car Loan or Hire Purchase. However, regulators are worried that these PCP’s maybe a personal loan time bomb. With rates over the last 3 years have varied from 0% to 3% making new cars more attractive to motorists. In a traditional hire purchase agreement, you pay off the entire value of the car in equal monthly instalments.
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