Hire Purchase

Hire Purchase

Hire Purchase is a product perfectly suited to car finance; it is a 'secured' product which provides a number of key benefits to the consumer that are not shared by an unsecured product such as a personal loan.

Operating with a two month pause at the outset, interest rates and monthly payments are fixed so the customer knows exactly what their budget is going to be. An initial deposit, which could be a part exchanged car allows the balance plus the agreed interest charges to be spread equally over an agreed period of up to five years and once all payments have been made (including the option to purchase fee) the customer owns the car completely.