Hire Purchase is the most traditional method of financing a vehicle purchase with the vehicle becoming your property at the end of the agreement. Purely a vehicle finance package, it does not include maintenance or other added-value services that may be available with other vehicle funding methods (e.g. contract hire or finance lease).
Hire purchase agreements require an initial deposit, before the remaining balance is settled by equal monthly payments over the agreed period. Deposits and repayment periods can be adjusted to suit your budgetary requirements.
You should bear in mind the hire purchase loan is secured against the vehicle. Until the final payment is made, you will not own the item.
The Benefits Of Hire Purchase Are Listed Below
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