HP Car Finance Offers
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Car Finance
Rates from 9.9% APR. Representative APR 21.9%
Representative example: borrowing £7,000 over 4 years with a representative APR of 21.9%, an annual interest rate of 21.9% (Fixed) and a deposit of £0.00 the amount payable would be £220.16 per month, with a total cost of credit of £3,567.81 and a total amount payable of £10,567.81. This is an example only, lender fees may apply. All finance subject to status.
Vehicle Price:
£ 7000
Initial Payment (Deposit):
£ 0
To Pay Over:
48 Months
Best Available Rate:
6.9%
Initial Borrowing:
£
Total Cost Of Credit:
£
Total Amount Repayable:
£
48 Monthly Payments of
£
Rates from 9.9% APR: the exact rate you will be offered will be based on your circumstances, subject to status.
Representative example: borrowing £7,000 over 4 years with a representative APR of 21.9%, an annual interest rate of 21.9% (Fixed) and a deposit of £0.00 the amount payable would be £220.16 per month, with a total cost of credit of £3,567.81 and a total amount payable of £10,567.81. This is an example only, lender fees may apply. All finance subject to status.
What is Hire Purchase
Hire purchase (HP) agreements can be a convenient way to finance a vehicle purchase, as they typically offer lower monthly payments than traditional auto loans.
A vehicle HP is an agreement where you hire the vehicle, pay a deposit and agree to repay the remainder of the purchase value of the car in regular monthly instalments. The loan for the car is held against the car, so you do not own the vehicle until the final payment is made including the option to purchase fee.
Process of your application for Hire Purchase
Finalising
If you are happy, we will finalise the deal with the lender on your behalf.
Enjoy Your Car!
Collect your car from the dealer and enjoy it for the duration of your contract.
How does Car Finance work?
Here’s a quick example:
Let’s say you want to buy a car worth £10,000. You wish to pay a 10% deposit - which is £1,000. Your lender pays the remaining £9,000 for you.
You sign a 48-month contract at 8.9% APR. So, your monthly payment will be £222.
With the interest, the total amount you end up paying will be £10,730. You pick up the car immediately and use it directly after the deal is finalised.
At the end of your contract you pay a small option-to-purchase fee around £200* and own the car outright.
*Option-to-purchase fee varies by lender
Comparison of Hire Purchase with other options
| Finance Features: | Hire Purchase (HP) | Personal Contract Purchase (PCP) | Personal Loan |
|---|---|---|---|
| Requires initial deposit | Optional | Optional | |
| Car is yours at the end of the agreement |
|
Optional | |
| Fixed monthly payments |
|
|
|
| Optional balloon (final) payment |
|
|
|
| Avoid excess mileage charge |
|
|
|
| Secured against an asset (e.g. a car) |
|
|
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| Support with vehicle issues |
|
|
|
Pros & Cons of Hire Purchase Finance
You can purchase a new car without the high cost.
You pay a small affordable amount monthly instead of paying a lot of money all at once.
Your monthly payments are fixed and unaffected by interest rises.
Your monthly payments are fixed and unaffected by interest rises.
You do not have to pay VAT on monthly instalments.
Your car will be the collateral for the finance and may be repossessed should you fail to make your monthly payments.
Late payments can affect your credit rating.
You are not a complete owner of the car until you have paid off the finance in full.
Your monthly payments include interest
Frequently Asked Questions
Can I cancel an HP agreement before the final payment?
Yes, so long as you have paid more than 50% of the vehicle’s value, any additional months of usage and damage repair charges. However, you will not be entitled to a refund and will have to return the vehicle at the cancellation of the agreement.
Will I pay more with Hire Purchase than the vehicle is worth?
Yes, as with all car finance deals with interest you will pay back more than the forecourt price of the car, however with our competitive lenders’ APR rates, we aim to keep this cost as low as possible.
Can I sell my HP car?
No, the vehicle remains the property of the finance lender until the final payment is made. Therefore, you do not have authority to sell the vehicle unless agreed on by the lender.
What if there's a problem with my car?
If you find a fault in your vehicle that was not your fault, we can liaise with the lender and dealer to repair or replace your vehicle within your rights, getting you back on the road as soon as possible.
Can I modify my car on Hire Purchase?
No, the vehicle remains the property of the finance lender until the final payment is made. Therefore, you do not have authority to sell or modify the vehicle unless agreed on by the lender.
Let's get started?
Getting a Free Quote with Vizion Finance only takes 5 minutes, and will not affect your credit score
Get in touch
Phone:
0203 322 1905
Email:
sales@vizionfinance.co.uk
Business Hours:
Monday to Friday 09:00 - 20:30
Saturday 10:00 - 19:00
Sunday 10:00 - 17:00
