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 Funding solutions explained

SEAT finance at West End Garage

Securing your perfect SEAT vehicle is easy with West End Garage, thanks to our flexible finance plans that can be tailored to suit your needs and budget. Decide on your preferred term length, deposit and mileage allowance and we’ll take care of the rest. Find out more about two popular options - Personal Contract Purchase (PCP) and Hire Purchase (HP) - below. Tailor your finance

SEAT Finance at West End Garage

Understand your SEAT finance options

How you pay for your car depends on whether you want to own it, how long you expect to keep it and the payments you are comfortable with. This guide explains the main differences between Personal Contract Purchase (PCP) and Hire Purchase (HP).

Compare the deposit, monthly payments, APR, total amount payable and end-of-agreement requirements before deciding. Our Stirling team can explain the options available for a particular car.

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West End Garage is a credit broker, not a lender. Finance is subject to status, affordability checks and lender approval. Terms and conditions apply.

What is Personal Contract Purchase (PCP)?
Watch Our Video What is Personal Contract Purchase (PCP)?

PCP spreads part of the cost of your car across monthly instalments, with an optional final payment deferred until the end of the agreement. You agree the deposit, term and mileage allowance at the start.

To own the car, you must pay the optional final payment and any applicable option-to-purchase fee. Alternatively, you can return it under the agreement terms or discuss changing cars. Excess mileage and damage charges may apply when you return the vehicle.

The exact term, fees and finance product depend on the vehicle and lender. Check your quotation rather than assuming every PCP agreement has the same conditions.

How does PCP actually work?​

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Your quotation sets out the deposit, monthly instalments, term, mileage allowance and optional final payment. The finance provider sets the agreement terms.

  • Keep it: pay the optional final payment and any applicable purchase fee.
  • Return it: hand the car back under the agreement terms. Excess mileage, damage or other outstanding charges may apply.
  • Change it: discuss part exchange and settle the existing finance. Any equity depends on the car value and settlement amount; it is not guaranteed.

Refinancing the optional final payment may also be available, subject to a separate application and lender approval.

What are the advantages of PCP?

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  • Deferring part of the cost can reduce monthly payments compared with HP on equivalent terms, but leaves an optional final payment if you want ownership.
  • You can decide whether to keep, return or change the car at the end, subject to the agreement terms.
  • Any part-exchange equity depends on the car value and outstanding finance. It is not guaranteed.

What should you consider when opting for PCP?

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  • The final balloon payment (or Guaranteed Minimum Future Value) must be paid In order to take full ownership.
  • Your agreement is subject to a mileage allowance, agreed at the beginning of your contract, so excess mileage charges may apply.
  • Any outstanding finance must be settled before you can sell the car.
  • You’ll need to keep the car properly insured, maintained and in your possession until the full value is paid off.

Can I settle my PCP agreement early?

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Ask your finance provider for a current settlement figure and its expiry date. This is the amount required to settle the agreement early. If you plan to part exchange, compare it with the car valuation: you may need to pay a shortfall if the car is worth less than the outstanding finance.

Find and finance your next vehicle through PCP

What is Hire Purchase (HP)?
Watch Our Video What is Hire Purchase (HP)?

With Hire Purchase, you normally pay a deposit followed by monthly instalments covering the remaining amount borrowed and interest. You own the car once all required payments, including any option-to-purchase fee, have been made.

Unlike PCP, HP does not defer a large optional final payment. SEAT Financial Services HP has no mileage restrictions. The available term, deposit and interest rate depend on the car and your quotation.

What are the advantages of HP?

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  • At the end of the agreement, you own the vehicle outright.
  • Unlike a PCP or PCH contract, there’s no need to estimate your mileage at the start of your agreement, and you won’t face any excess mileage charges.
  • Once you’ve made your final monthly payment, including the option to purchase fee, you'll have full ownership of the car.

What should you consider when opting for HP?

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  • Monthly payments are typically higher than with finance options like PCP, as you’re paying off the vehicle’s full value.
  • Any outstanding finance must be settled before you can sell the car.
  • You will only own the car once all repayments have been made.
  • The car must be kept properly insured, maintained and in your possession until the full value is paid off.

Can I settle my HP agreement early?

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You can ask your finance provider for an early settlement figure. Check the amount, any conditions and the date it is valid until before making a payment. There is no general requirement to wait until two-thirds of the agreement has passed.

Early settlement is different from returning a car or ending an agreement by voluntary termination. Ask the lender to explain which option applies to your circumstances.

Find and finance your next vehicle through HP
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