Hire Purchase offers a straightforward way to spread the cost
of buying a car. You pay a fixed rate of interest with fixed monthly payments , making budgeting simple and easy.
You choose the amount of deposit you wish to pay and the
remaining balance, together with interest, is repaid over a
period of 36 - 60 months.
The benefits of Hire Purchase:
- • Low Deposit
- doesnt tie up personal or business assets.
- • Control
- you decide the deposit, you decide the term.
- • Fixed Monthly Payment
- simple budgeting
- • Flexibility
- doesnt compromise your other lines of credit.
- • Assets
- you gain ownership of the car at the end of the agreement.
- • Tax benefits
- tax allowances for business users.
VAT Free - no VAT on payments
HIRE PURCHASE WITH A FINAL PAYMENT PCP or LEASE PURCHASE
Hire Purchase with a balloon final payment offers a lower monthly payments, as at the end of the agreement you can
make a final lump sum payment to purchase the car in full.
Its a fixed rate finance, but with a lower fixed monthly outlay
since you defer repayment of some of the borrowing. At the
end of the agreement you have vaious options, PCP return car to finance house, pay the final
payment and own the car, refinance the final payment, part
exchange the car or sell it.
The final payment is calculated based on the aniticipated
mileage you will be covering, on which we calculate an
estimated future value for the car.
The difference, plus interest, is repaid in equal monthly
instalments over a period of 36-60 months plus the final
Why Hire Purchase with a final payment?
All the advantages of Hire Purchase plus:
- • Low Deposit
- Lower payments can help you drive a higher specification
car than you would normally.
Especially useful if you are
opting out of the company car
scheme and have a monthly car allowance.