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 0-50% 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