Hire Purchase is the classical way to finance your vehicle. It involves paying off the cost of the vehicle with interest on a monthly basis. Despite being a great way to personally finance your vehicle, Hire Purchase is also a popular finance choice for businesses.
HIRE PURCHASE EXPLAINED
HOW HIRE PURCHASE WORKS
1. You let us know how much deposit you would like to pay.
2. From this we calculate, including interest, the monthly payments for the duration of the contract.
3. At the end of the agreement, after all payments have been made (including the Option to Purchase Fee), ownership of the vehicle is transferred to you.
BENEFITS OF HIRE PURCHASE
The interest rate charged on the finance will remain unaffected by any future changes in interest rates.
The initial payment is flexible.
Fixed monthly payments are not subject to VAT.
Taxation benefit from writing down allowance.
No mileage restrictions.