Hire Purchase is the classical way to finance your vehicle. It involves paying off the cost of the vehicle with interest on a monthly basis. Despite being a great way to personally finance your vehicle, Hire Purchase is also a popular finance choice for businesses.
Firstly, select a deposit
Next, your dealer will calculate, including interest, your monthly payments for the duration of the contract.
After all payments have been made (including any Option to Purchase Fee), ownership of the vehicle is transferred to you.
Plan your monthly budget with confidence
Hire Purchase enables you to simply choose how much deposit you wish to pay up front and the amount of time you need to repay the loan. During this period the amount you borrow plus the interest are repaid by fixed monthly payments. The interest charged is calculated at the beginning and is fixed for the length of the agreement.
At the end of the agreement, subject to payment of any Option to Purchase Fee, you take outright ownership of the car.