What is Hire Purchase?

A Hire Purchase Agreement is a way of borrowing money from a Finance Company for the purchase of a Car, Motorcycle etc.

If you were to borrow money to purchase a car you would make regular payments over a period of between 18-48 months depending on the age of the vehicle.

On the final payment, ownership is passed to the customer.

Although the Finance Company own the vehicle throughout the agreement, it is the responsibility of the customer to maintain and repair the vehicle at their own expense. The customer is also responsible for any loss or damage to the vehicle and therefore must be insured Fully Comprehensively throughout.

Hire Purchase is a popular and beneficial choice for private consumers, and is a very beneficial way of spreading the cost in budgeted monthly payments over a period of time.

PLEASE NOTE THAT THE GOODS ARE AT RISK IF YOU DO NOT KEEP UP YOUR REPAYMENTS.