PCP vs HP Car Finance Calculator

PCP typically has lower monthly payments because you only finance the depreciation. HP is cheaper overall if you keep the car. In Ireland, PCP deals from manufacturers often have subsidised APR (as low as 0-3.9%), making them very attractive for new cars.

PCP is the most common car finance method in Ireland. You pay monthly instalments covering the car's depreciation plus interest. At the end (typically 3 years), you can pay the Guaranteed Minimum Future Value (GMFV) to keep the car, return it, or trade it in for a new one.

HP is a car finance agreement where you pay higher monthly instalments that cover the full car value plus interest. You own the car after the final payment. HP is less common for new cars in Ireland but popular for used cars.

Yes, Vehicle Registration Tax (VRT) is included in the car price that both PCP and HP finance. The finance amount covers the full on-the-road price including VRT, delivery, and any dealer charges. VRT is not a separate cost on financed cars.

Yes, many Irish lenders offer PCP on used cars up to 5-7 years old. The GMFV (balloon) is lower on used cars, typically 25-35% compared to 35-50% for new cars. APR rates may be higher on used car PCP deals.

Irish PCP agreements typically charge 5-15 cent per km over the agreed annual mileage. Some lenders charge up to 20c/km. You can purchase extra kilometres upfront, which is usually cheaper than paying the excess at the end.

Compare PCP and HP car finance in Ireland for 2026. Enter the car price in Euro, your deposit, APR rates, and term length. See which option gives lower monthly payments and which is cheaper overall to own the car.

Manufacturer PCP deals in Ireland often have APR from 0-5.9% (subsidised). Standard PCP APR is 5.9-9.9%. HP APR is typically 6.9-11.9%. Bank of Ireland, AIB, and manufacturer finance arms (VWFS, Toyota Finance, etc.) are the main lenders.

Most Irish PCP deals require a minimum deposit of 10-20% of the car price. Some manufacturer deals offer 0% deposit promotions but these are less common. A larger deposit reduces your monthly payments and total interest.

The Guaranteed Minimum Future Value (GMFV) for Irish PCP deals is typically 35-50% for a 3-year agreement and 25-35% for 5 years. Japanese and Korean cars (Toyota, Hyundai, Kia) tend to hold value better and have higher GMFVs.

Yes, HP is usually better if you drive over 20,000 km/year. PCP mileage penalties (5-15c/km over allowance) add up quickly. With HP, there's no mileage restriction — you own the car and can drive as much as you want.

You have three options: (1) Pay the GMFV (balloon) and own the car. (2) Return the car — subject to mileage and condition checks. (3) Part-exchange for a new car — any positive equity can be used as your next deposit. If the car is worth less than the GMFV, you have negative equity.