About Lease Purchase
Also known as Hire Purchase with a Balloon, Lease Purchase is an ideal way to fund your sports, supercar, hyper car or classic car if you want lower monthly payments compared to a standard Hire Purchase deal.
To reduce your monthly instalments, a deferred final payment, or balloon, is offset to the end of the agreement. This allows you to pay a lump sum to purchase the car in full, if you choose to do so.
The amount of the deposit is flexible, typically between 10% – 50% of the car’s price. Then a deferred payment set to the end of your chosen term which is usually set between 12 and 60 months.
At the end of the agreement you have several options to choose from options:
- Purchase the car, by paying the deferred balloon, this can be in one or refinanced to be monthly
- Part-exchange the car, using any equity towards your next vehicle
- Sell the car privately, retaining any equity once the balloon has been paid
- We will assist with all the above for you, with our dealer partners.
- Low Deposit – keep your money earning you money, keeping more money in the business
- Lower Set Monthly Payments – payments are fixed monthly
- A Better Car – this could enable you to purchase a newer car with higher specification
- Flexibility – you can change the car whenever you like in the agreement
- Assets – you can take full ownership of the car once all the payments have been made
Before choosing Lease Purchase, what you need to know:
- You do not own the car until the final payment has been made
- There is no guaranteed future value
— You are bound to the terms of the finance agreement, so you should always consider your ability to meet any repayments, if your circumstances may change in the future. You do not own the vehicle until all repayments including balloon and any fees required by the agreement have been paid. If you fail to keep up repayments, this will impact your credit rating and may impact your ability to obtain credit in the future.
In the event of default, the vehicle may be repossessed without a court order, unless you have paid a third of the total amount payable.
For a quote for Lease Purchase, please fill out the form below.
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