Hire Purchase is a way for private individuals or companies to purchase a new or nearly-new vehicle outright. You usually pay a deposit and pay off the value of the vehicle in monthly instalments, with a loan secured against the car. This means you don’t own the vehicle until the last payment is made.
Customers put down an initial deposit (typically around 10% or more of the vehicle’s value), and then make monthly payments for a fixed period – typically between 12 to 60 monthly – at the end of which they become the legal owner of the car.
Transfer of ownership may require a relatively small fee, of £100 to £200, at this point. The more deposit you put down on a hire-purchase deal, the lower your monthly payments are and vice-versa.
With hire purchase, it may also be possible to become the owner of the car earlier than agreed by making a lump-sum payment for the remainder of the loan.
Email : email@example.com
Telephone : 02392 245570
Company Address :
7 Stratfield Park
Fleet UK are a credit broker and not a lender, we are authorised and regulated by the Financial Conduct Authority. Registered No : 682714
Registered in England & Wales with company number : 4018111 | Data Protection No : Z6393738 | VAT No : 755080825
Registered Office : 7 Stratfield Park, Elettra Avenue, Waterlooville, Hampshire PO7 7XN
Disclaimer: All vehicle images and descriptions are for illustration and reference purposes only, all vehicle leases are subject to credit approval and subject to change at any time. E&OE.
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