In light of firebreak restrictions announced by the Welsh Government, we recognise that our dealer partners in Wales will be closed over this period. We will however continue to process both new and in flight finance applications.
If your finances have been impacted by the coronavirus (COVID-19) pandemic, we’re here to help. Please click here.
Lower monthly repayments than HP
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