Hire Purchase (HP) is a finance option that helps you manage your budget with fixed interest rates and predictable monthly payments. With HP, you essentially rent the car until the end of the agreement, at which point, after making the final payment, the car becomes yours.
HP agreements can be customized to fit your needs by adjusting the term length (typically between 1 to 5 years) and the initial deposit amount. Generally, the deposit is around 10% of the car’s total value, though a 0% deposit option may be available. Under an HP arrangement, the vehicle itself serves as security for the loan, allowing you to keep other lines of credit open.
The flexibility of Hire Purchase also allows you to settle the agreement early without penalties. Additionally, you can upgrade to a new vehicle before the agreement ends, with a new payment plan arranged for the replacement vehicle.
We will provide you details of all finance products that we offer, you will have all information to make your own informed decision.
The option to purchase fee is payable at the end of the agreement, each lender will determine there own fees.
You’ll need your driving licence, a passport (as some lenders require a secondary form of ID), and your bank details (including your name, account number and sort code)
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