Hire purchase is a simple, straightforward way to spread the cost of buying a new car.
Your initial deposit is completely flexible - normally between 0-50% of the total vehicle cost. The remaining balance, plus the fixed interest, is repaid in equal instalments over an agreed term (normally 12-60 months).
Why consider Hire Purchase?
- Low deposit option - meaning more cash available
- Full Control - you have control over the deposit and the term
- Fixed monthly payment - perfect for a budget
- Flexibility - doesn't hurt your other lines of credit
- Assets - you gain vehicle ownership at the end of the term
- Tax benefits - Tax allowances for business users
- VAT free - no VAT on payments