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Hire Purchase is the traditional method of funding vehicles for both businesses and private individuals. It is also the most straightforward method where the customer gains ownership of the car after all of the payments have been made. Hire Purchase is a finance agreement where the initial payment is usually equivalent to 10% of the cost of the vehicle, followed by fixed monthly payments for the duration of the agreement. Periods can normally be arranged for anywhere between 12 and 60 months. However, when compared with other funding methods over similar periods, monthly payments will be considerably more expensive, as the total cost of the vehicle (plus interest) is being repaid. However, despite higher monthly payments Hire Purchase may be a good idea for anyone who is not concerned with the cashflow implications or who plans to keep their vehicle for a long time, i.e. 5 years or more. << Back to Solutions for Private Individuals
Quote & Info Line: 0845 166 2405 |
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