Personal Contract Purchase
Personal Contract Purchase (PCP) can help you buy your next car with lower monthly payments than Hire Purchase (HP) over a similar term.
- No obligation to purchase the vehicle
outright at the end
- Option to purchase the vehicle outright at
the end with one lump sum
Choose Hire Purchase if you would like to clear your loan at the end of the finance agreement and spread the cost between 2-5 years.
- At the end of the contract, you will own the
vehicle outright - subject to the payment of the option to purchase fee.
- Consistent payments over the contract
period - no lump sum at the end.
Find the Right Product For You
Drive away in a used car with a finance arrangement that's right for you. You might not even need a deposit, and interest rates are fixed for the duration of the agreement.
There are two finance options available, depending on your budget and how you would like to pay for your vehicle.
|Common finance questions and requirements||Personal Contract Purchase (PCP)||Hire Purchase (HP)|
|What are the initial deposit requirements?||Optional*||Optional|
|Is the agreement a fixed term agreement?||Yes||Yes|
|Is the finance secured against the vehicle?**||Yes||Yes|
|Are there flexible ownership options at the end of the agreement?||Yes||No|
|Is there an option to return the vehicle to V12 Vehicle Finance?||Yes***||No****|
|What financing terms are available?||24 - 48 months||24 - 60 months|
|What is the maximum age of a vehicle at the end of an agreement?||9 years||15 years|
|Is there an early settlement option?||Yes||Yes|
|Could excess mileage charges apply at the end of my agreement?||Yes||No|
|Could additional charges apply for excess wear and tear at the end of my agreement?||Yes||No|
|Is fully comprehensive insurance required?||Yes||Yes|
|Can I amend my monthly payment due date?||Yes||Yes|
*Optional, up to 25% of the original vehicle value
**Vehicle can be repossessed if repayments on finance agreement are not kept up
***Yes, subject to our current terms & conditions as per contract initiation date
****If option to purchase fee isn't paid at the end of the finance term, you have the right to return the vehicle
Available for UK residents aged 18 or over, holding a full UK driving license. Credit subject to status and affordability criteria.
What's the difference between HP & PCP?
Watch our PCP and HP explainer videos below for a handy guide on what each option means. For more information on vehicle finance terms, view the link below.
Get the help & support you need with V12 Vehicle Finance
When you have finance with V12 Vehicle Finance, you also get all the help and support you need. From managing your account to updating your personal details, discussing money worries and contacting our team, we're here to help you.