What is Hire Purchase?
Hire purchase (HP) is available to both private individuals and companies who wish to purchase a vehicle outright. It can be used to fund the purchase of both new cars, used cars, new vans and used vans.
Designed to allow the purchase cost of a vehicle to be spread over a period of time, it makes budgeting easier and results in you becoming the legal owner at the end of the finance term.
How does Hire Purchase work?
At the start of the agreement a deposit will be paid, usually you will pay cash, part exchange your old vehicle or you can do a combination of both. The higher the initial deposit the lower the monthly payments will be.
The fixed regular monthly payment and the term length will then be agreed depending your circumstances and preferences.
With no deferred lump sum to pay at the end, you will become the legal owner of the vehicle once all the monthly payments and any Option to Purchase fees have been paid.
Another benefit of a HP finance agreement is that there won't be an annual mileage limit.
Is Hire Purchase suitable for me?
Hire Purchase is suitable for customers who would like to own the vehicle once all necessary payments have been made.
For a quotation, help, or advice contact your local dealership and ask to speak to one of our sales team.
- Full name (and previous name if applicable)
- Date of birth
- Marital status
- Residential status
- Address history for the past three years
- Bank details
- Proof of identity (e.g. a valid UK passport)
- Proof of current address (e.g. a utility bill dated in the past three months with full name and current address on it)
- Valid, full UK driving licence