Fixed interest rates
You own the car at the end of the deal
3 months free warranty
No deposit options available
Pay nothing for up to 6 weeks
Affordable monthly payments
Hire purchase car finance is more suitable for drivers who want to buy their car outright. As with PCP, you never own the car unless you choose to pay the final ‘balloon payment’. HP is one of the simplest forms of car finance. It doesn’t necessarily require you to put down a deposit either, as there are many no deposit car finance options available. You make fixed payments each month to a fixed term and interest rate, and then once all your payments are made, you then own the car outright! You can also pay for a car using a personal loan option. Within a personal loan agreement, you borrow a lump sum to buy a car and then pay back the money over a set term plus interest. Since you have bought the car with your lump sum, you will be the legal owner of the car from the off!
At UK Car Finance, we specialise in straight forward car finance and have no hidden fees or dodgy deals. Our personal finance experts are assigned to each customer to help them every step of the way and answer any questions they have regarding their finance deal. We primarily deal in Hire Purchase and personal loan car finance but also offer alternative finance options.
Adrian Dally, head of motor finance at the FLA, said the FCA’s claims are “based largely on out-of-date information, and therefore does not reflect the very considerable progress the market has already made in moving away from such structures.”
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