Can I change my car on PCP early?

A settlement figure is the amount required to repay your finance agreement early. Request it directly from your finance provider and check how long the figure remains valid.

It is different from simply adding together your remaining monthly payments because the provider calculates the amount under the terms of your agreement.

Learn more about PCP settlement figures

There is not a single one-year or two-year point at which changing your PCP car automatically becomes possible. Your position depends on your individual agreement and the amount needed to settle it early.

If you are considering changing after one or two years, start by requesting a current settlement figure from your finance provider. You can then compare that figure with the vehicle’s current value and understand whether there may be positive equity, negative equity or a broadly neutral position.

Potentially. A vehicle change may be possible before the PCP agreement reaches its scheduled end, but the existing finance normally needs to be dealt with as part of the transaction.

Some dealers may be willing to settle the outstanding finance as part of a vehicle change. Whether this works will depend on the settlement figure, the dealer’s valuation of your existing car and the overall transaction.

Some dealers may agree to settle the outstanding finance directly with the finance provider as part of a vehicle transaction.

You will normally need to provide an up-to-date settlement figure. You remain responsible for the existing agreement until the finance provider confirms that it has been settled.

Whether a dealer proceeds will depend on the vehicle, the settlement amount and the overall transaction.

No. Voluntary termination is a legal route for ending certain regulated finance agreements after at least 50% of the total amount payable has been paid, or after the customer pays enough to reach that point.

For PCP agreements, the total amount payable includes the optional final balloon payment. This means the 50% point may not be reached until relatively late in the agreement.

Voluntary termination normally involves returning the vehicle. It is different from settling the finance as part of changing or selling the car.

Anyone considering voluntary termination should check their agreement and speak directly with their finance provider or an independent organisation such as MoneyHelper.

Read what happens at the scheduled end of a PCP agreement

Start with a free PCP Snapshot using your current vehicle and agreement details. It helps you understand your position before deciding what to do next.

Creating your Snapshot does not create a dealer opportunity. After reviewing it, you can separately choose whether to ask Drive On to make a masked vehicle-change opportunity available to suitable approved dealers.

The Snapshot is free and there is no obligation to join the dealer marketplace. Contact details are only requested if you choose that optional next step and give dealer contact consent.