HIRE PURCHASE
HIRE PURCHASE OFFERS A STRAIGHTFORWARD WAY TO SPREAD THE COST OF YOUR NEW CAR. WITH THIS METHOD OF FINANCE YOU HAVE A FIXED RATE OF INTEREST WITH FIXED MONTHLY PAYMENTS, MAKING BUDGETING SIMPLE AND EASY.
You choose the amount of deposit you wish to pay, typically between 10-50% of the car’s cost. The reminder of the balance, together with fixed interest is repaid over an agreed period of your choosing (12-60 months).
The benefits of Hire Purchase
- Low deposit- keeps valuable personal or business cash available
- Control – you decide the deposit, you decide the term
- Fixed monthly payment – makes budgeting simple
- Flexibility – doesn’t compromise your other lines of credit
- Asset – you gain ownership of the car
- Tax benefits – tax allowances for business users
- VAT free – no VAT on payments
