Hire Purchase

Hire Purchase is perfect for those who want to own the vehicle, the vehicle title will be transferred into your name upon completion of all contractual payments. You will be responsible for the depreciation and disposal of the vehicle. 

By paying an initial payment and often a large final payment you have the ability to repay the balance over a number of affordable monthly payments.  

This product is often used by businesses who plan to keep the vehicle for a prolonged period or are looking to have converted.

The lender purchases the vehicle and grants you permission to use it while making payments, after which you will fully own the vehicle.

Advantages

• Fixed monthly cost.
• Full ownership of the vehicle once all payments are made.
• Flexible contract period options.
• Ability to have a large final payment to keep monthly payments lower.
• Low initial payment options.
• Business capital not tied up in a depreciating asset.

Disadvantages

• You are fully responsible for the resale of the vehicle and any potential risk on the residual.
• No ability to return the vehicle.