Hire purchase

Hire purchase definition

Hire purchase is the ideal solution if you want to spread the cost of purchasing a vehicle, across affordable monthly repayments. You choose how much you want to borrow over an agreed period. And the repayments and interest are divided equally into fixed monthly instalments. At the end of your agreement, the car is yours. You also have the option to pay off the total amount early if your circumstances change.

Apply for hire purchase today, and receive an instant decision without affecting your credit score.

Advantages of hire purchase

If you’re looking to own your vehicle with cost-effective finance, hire purchase could be your answer.

Apply online today for a no obligation quote, without affecting your credit score.

Why choose hire purchase?

Widely available to a range of credit backgrounds

Easy budgeting with fixed interest rates

Enjoy the freedom of no mileage limits

The car is yours at the end of the agreement

How does hire purchase work?

You want to purchase a Nissan Qashqai valued at £12,800, so you opt for a 48-month hire purchase agreement with an APR of 10.9%. You have a £500 deposit, so the amount of credit required is £12,300. The interest, combined with the amount borrowed, is divided into 48 monthly payments of £314.27, bringing the total amount payable to £15,698. When the final payment has been made and any outstanding fees from the lender have been settled, the car is yours.

Find out how much you can borrow using our Hire Purchase Calculator.

Terms and conditions apply. Subject to status, application and credit acceptance.

Representative example: borrowing £7,500 over 48 months with a representative APR of 18.9%, an annual interest rate of 18.9% (Fixed) and a deposit of £0.00, the amount payable would be £223.86 per calendar month, with a total cost of credit of £3,245.06 and a total amount payable of £10,745.06.

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