SPREAD THE COST OF YOUR VEHICLE
Hire Purchase (HP)
You can spread the cost of your car, van, or motorcycle by paying in fixed monthly instalments. With terms from 12 to 60 months and a deposit amount, you can choose the right payment plan that suits your budget.
When you have paid off the finance agreement and settled the option to purchase fee, the vehicle becomes yours.
You can enjoy a one month payment holiday before your first instalment is due, with interest calculated from the day your agreement starts.
Pros & Cons
- No minimum or maximum deposit price, so you can have more control over the amount of finance required
- Flexible repayment terms to suit your monthly budget
- Fixed interest rates, so you know exactly what you’re paying every month for the length of the term
- You don’t own the vehicle until you’ve made your final payment, which means the vehicle could be repossessed if you do not maintain contractual payments
- You cannot sell or give the vehicle away until you have paid all of the repayments under the finance agreement
Personal Contract Purchase (PCP)
Spread the cost of your vehicle by paying in fixed monthly instalments with terms from three to four years.
This product contains a balloon payment at the end of the finance agreement, which usually makes the monthly instalment amounts lower than a traditional Hire Purchase (HP) agreement. This is great for customers who like to change their vehicle frequently.
When you have paid off the finance agreement, and the final balloon payment or Guaranteed Minimum Future Value (GMFV), the vehicle becomes yours.
Alternatively, you can return the vehicle to the dealership, use it as a part exchange against your next vehicle or refinance the balloon payment into a new HP agreement, subject to finance approval.
You cannot sell or give the vehicle away until you have paid all of the repayments under the finance agreement.