Close Brothers launches PCP offering for EVs
Close Brothers Motor Finance has launched an updated PCP product that can be used to finance electric vehicles as well as traditional petrol and diesel cars.
The launch comes a year on from the roll-out of Close PCP, designed to help motor dealers and drivers in Ireland manage vehicle depreciation.
Close Brothers Motor Finance said the minimum price guarantee allows motor dealers and drivers to mitigate the impact of vehicle depreciation by guaranteeing the price of a vehicle at the end of a PCP contract.
When launched, this brought higher-spec vehicles into the scope of PCP. Close Brothers Motor Finance said the extension on the guarantee will now bring even greater choice to Irish motorists.
Alongside covering EVs, the updated PCP product is now available on cars up to four years old at the start of an agreement and more flexible terms have also been made available, with agreements up to 49 months.
Commenting, Donal Murphy, CEO at Close Brothers Motor Finance, said: “When we launched our price guarantee-backed PCP product last year, our intention was clear – to bring more choice to Irish motorists and to empower motor dealers across the country to deliver that choice.
“This remains our core focus, and our refreshed product continues to build on this by broadening the range of vehicles that are eligible for Close PCP and expanding our improved Guaranteed Minimum Future Values to include EVs for the first time.
“Crucially, EVs are now also within the scope of PCP. Demand for EVs is increasing across Ireland as a growing number of people aim to protect our shared climate and unlock cheaper, cleaner travel.
“For many however, price remains an issue when it comes to switching to an EV. Our PCP product and price guarantee is challenging this and will enable ever more drivers across Ireland to go green, meaning cleaner roads and a cleaner environment.
“Alongside the recent launch of dealer funding, our enhanced Close PCP product again demonstrates our commitment to bringing choice, innovation and customer service to the Irish motor market.”