Glossary
- 01GMFVGMFV (the guaranteed minimum future value) is your PCP balloon, set up front. See how it shapes your monthly cost and total cost — free, plain English.
- 02Balloon PaymentA balloon payment is the lump sum at the end of a PCP. See how it's set, what it costs you overall, and how to plan for it — free and in plain English.
- 03APRAPR explained in plain English for UK car finance: what it means, how it works, and a worked example. Then try the free calculator that puts it to work.
- 04Flat RateFlat Rate explained in plain English for UK car finance: what it means, how it works, and a worked example. Then try the free calculator that puts it to work.
- 05GAP InsuranceGAP Insurance explained in plain English for UK car finance: what it means, how it works, and a worked example. Then try the free calculator that puts it to work.
- 06Conditional SaleConditional sale is a simple fixed-repayment car finance plan where you own the car once paid. See how it works and the true cost — free and independent.
- 07Excess MileageExcess Mileage explained in plain English for UK car finance: what it means, how it works, and a worked example. Then try the free calculator that puts it to work.
- 08EquityEquity explained in plain English for UK car finance: what it means, how it works, and a worked example. Then try the free calculator that puts it to work.
- 09Soft SearchSoft Search explained in plain English for UK car finance: what it means, how it works, and a worked example. Then try the free calculator that puts it to work.
- 10Hard SearchHard Search explained in plain English for UK car finance: what it means, how it works, and a worked example. Then try the free calculator that puts it to work.
- 11Optional Final PaymentThe optional final payment is the balloon you pay to keep the car at the end of a PCP. See how it's set and what it costs you overall — free and independent.
- 12GuarantorGuarantor explained in plain English for UK car finance: what it means, how it works, and a worked example. Then try the free calculator that puts it to work.
- 13Voluntary SurrenderVoluntary surrender means handing the car back to the lender before the term ends. See how it works, the costs and the credit-score impact — free, independent.
- 14Settlement FigureYour settlement figure is what it costs to pay off car finance early. See how it's calculated, the interest rebate and any fees — free and independent.
- 15Negative EquityNegative equity means your car is worth less than the finance left on it. See why it happens, how to check yours, and how to get out — free and independent.