Hire purchase is a simple, straightforward way to spread the cost of buying a new car.
It's fixed rate finance - with a fixed monthly payment. The deposit you pay is flexible - typically between 10-50% of the vehicle cost.
The remaining balance, plus fixed interest, is repaid in equal instalments over an agreed period (12-60 months).
Why consider Hire Purchase?
Low deposit - keeps valuable personal or business cash available
Control - you decide the deposit, you decide the term
Fixed monthly payment - perfect for budgeting
Flexibility - doesn't compromise your other lines of credit
Assets - you gain vehicle ownership
Tax benefits - Tax allowances for business users
VAT free - no VAT on payments