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

 

Hire Purchase

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.

 
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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.

If you are also exploring the cost of charging an electric car, try out this link.

 

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.

Motor finance related terms explained

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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.

Help & Support

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