HIRE PURCHASE CAR FINANCE
A straight-forward option, simple to understand and with the ultimate option of owning the car outright at the end of the loan.
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Hire Purchase is a very popular way for our customers to finance a new or used car.
It’s also one of the easiest ways to finance a car after a straight-forward bank loan.
With a Hire Purchase agreement you sometimes have to pay a deposit but not always. If you do pay a deposit typically it will vary from 10% of the purchase price of the car upwards.
After paying your deposit, you will agree to monthly payments which are for a fixed amount and spread over an agreed period of time from as little as 12 months to as much as 60 months
Whilst you are making your monthly finance payments, your car will be ‘owned’ by your Lender.
When your last monthly payment has been made you can make an ‘option to purchase’ fee – the amount of which has been agreed when you first signed the finance agreement. Once this has been done you are officially the owner of the car and you can legally sell the car on to a 3rd party.
The finance agreement is secured against the car. If you default on a payment only the car will be taken and none other of your personal assets.
You can sell your car before the agreement has ended, but you will have to settle the outstanding debt (often called the settlement figure) first.
Sometimes though, early settlement fees apply so it is really important to read the small print if you ever think you might be in a position to settle the finance agreement early.
Hire Purchase is the right choice for you if you answer yes to one or more of the following statements
- YES – I would like to own the car outright at the end of the agreement
- YES – I like the idea of knowing exactly how much will be debited from my bank account every month
- YES – I only want to take low-risk credit, only the car will be secured against the loan and not my house
- YES – I don’t mind not fully owning the car until the last repayment has been made
Arranging car Hire Purchase is simple and straight-forward with us.
Contact us
today for further information.
RECENT HIRE PURCHASE CAR FINANCE
Porsche 911 (997.1) Turbo 2007 £ 67,995.00 01/11/2023
Hire Purchase
Electrician
Porsche 718 Cayman GTS 2020 £ 67,995.00 04/08/2023
Lease Purchase
Commercial Pilot
Audi RS6 Avant V8 Quattro 2016 £ 26,112.00 16/10/2023
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Company Director
Land Rover Range Rover Autobiography 2018 £ 60,500.00 12/10/2023
Lease Purchase
Managing Director
Audi RS4 Avant 2013 £ 26,995.00 26/10/2023
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Private Security / Personal Driver
BMW 220i 2020 £ 28,450.00 07/11/2023
Regulated Hire Purchase
Service Sales Specialist
Land Rover Discovery 2020 £ 58,110.66 24/11/2023
Regulated Hire Purchase
Company Director
Porsche 911 991 Carrera S 2016 £ 72,845.00 07/06/2023
Lease Purchase
Salesperson
Ferrari Testarossa 1990 £ 139,990.00 13/11/2023
Lease Purchase
Barrister
