Hire Purchase (HP)
We offer a variety of different car finance options for customers wishing to purchase a new vehicle. Hire Purchase is arguably one of the most popular ways of financing a car. It’s quite straightforward and because of that, it’s a great option for everyone.
How does Hire Purchase work?
It’s quite simple actually. You get your vehicle and pay for it over an agreed upon period of time. This will typically involve you paying the lender on a monthly basis until the full value of the car is completely paid off.
What makes Hire Purchase unique is the fact that the loan is taken out on the car itself. If you fail to make your payments, the vehicle will be taken off you to settle your debt. This is the reason why Hire Purchase is the perfect option for people with poor credit.
Another thing that makes Hire Purchase a great option is the fact that the car’s residual value is not taken into consideration when repayments are calculated, therefore you’re only required to pay the car’s value at the time you receive your vehicle. If the value of the car was to increase at some point during your term, this wouldn’t affect your loan in any way whatsoever.
If you’re considering purchasing a car through Hire Purchase, fill out our quick online application and one of our guys will get in touch with you shortly. It doesn’t matter what your personal circumstances are as we take all applications seriously and aim to provide all our customers with the best deals possible.