Hire Purchase is one of the simplest ways of funding your motor vehicle. It offers fixed monthly payments with fixed interest spread and repaid over the agreed period of 12 to 60 months. The loan is secured against the vehicle, allowing a greater borrowing limit and HP gives you additional benefits compared to a personal loan. You decide how much deposit you want to pay, usually between 10% and 50% and financing your vehicle in this way makes budgeting straightforward. When the final payment has been made, the vehicle transfers to your ownership.
What to do first?
You decide on the amount of the deposit and the term over which you will spread the finance.
What are the benefits?
- Lower deposit keeps your valuable personal or business cash available
- You decide the deposit and the term
- Fixed monthly payment makes budgeting simple
- Fixed interest protects you from rises in interest rates
- Asset – you gain vehicle ownership
- Flexible and doesn't compromise your other lines of credit
- Tax allowances for business users
- No VAT to pay
Finance packages are subject to status and finance company acceptance. UK residents only.
Representative APR means that 51% of our agreements are transacted at or below this rate. The actual APR is determined by a number of factors based on the applicant, the model and age of car and the supplier. 8.15% APR* represtative.