Like our traditional HP (Hire Purchase) product, you can spread the cost of the vehicle by paying in fixed monthly instalments with terms up to 4 years.

This product has a balloon payment at the end, which can make the monthly payments lower than our traditional Hire Purchase (HP) product. 

When you have paid off the finance agreement, as well as the final balloon payment or Guaranteed Minimum Future Value (GMFV), the vehicle becomes yours.

Alternatively, you can refinance the balloon payment into a new HP agreement, subject to finance approval or use it as a part exchange against your next vehicle. 


Pros & Cons

Generally lower monthly repayments than a typical Hire Purchase agreement

Flexible repayment terms to help suit your monthly budget

No minimum or maximum deposit price, so you can have more control over the amount of finance required

Fixed interest rates, so you know exactly what you’re paying every month for the length of the term

At the end of the agreement you can purchase the vehicle outright, use it as part exchange for your next vehicle or refinance the balloon payment into a new HP agreement, subject to finance approval

You don’t own the vehicle until you’ve made your final payment, including the final balloon 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