Hire Purchase (HP)
Or Personal Loan
This is a simple, traditional way of funding your new vehicle. It involves fixed monthly payments over a period of anywhere between 12 and 60 months. Once all payments have been made the vehicle is yours.
Benefits to you:
- Leaves other credit requirements undisturbed as the loan is secured on the vehicle, leaving your money free for future opportunities
- Fixed interest rates and monthly payments
- Low and zero deposit deals available
When considering your loan options, it’s worth remembering that your bank and other direct lenders are not as tightly regulated as Car Loan Lenders. This gives you many advantages – for example you will benefit from a reduction on interest in the event of you wanting to settle early on a Car Loan, whereas this is very rare on a personal loan.
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Alternative finance options
You can also apply for Personal Contract Purchase which is an alternative method
of finance for buying a car.
Want to know how much you can borrow?
Use our Car Finance Calculator to work out how you can borrow.