PCP financing explained in new Renault website

Renault Group has launched a new website, MyPCP.ie, aimed at giving customers the information and help they may need to understand the workings of a PCP finance contract and to highlight and explain the PCP process in detail.

9,000 visitors have logged on to MyPCP.ie, with most checking out their options at the end of a contract, an evaluation of their current car, and how personal contract plans (PCP) work.

PCPs have become a very popular method of purchasing new or used cars and have also become a topical subject in the media.

The Competition and Consumer Protection Commission (CCPC) recently conducted the first public report on the PCP product and found that customers largely had a positive experience with PCP. However, it noted that they did not spend enough time researching the product and considering what would happen at the end of the contract.

Brian McNulty, head of sales and marketing at Renault Bank Ireland, said that the company’s aim is to inform consumers about how PCP actually works, explain the options at the end of the contract, and dispel any myths they have heard about PCPs.

“PCP car finance is not for everyone, but it can be a positive product for a lot of people, making the difference between a car that they need and a car that suits their needs. The main point is for consumers to know their options and then decide if it’s right for them”.