Personal Hire Purchase
After paying an initial deposit, the balance of the purchase price is repaid by monthly payments. The agreement can be between one and four years sometimes five years, and when all the payments have been made you become the owner of the vehicle. These options are appropriate if it is important to you to retain your vehicles.
The benefits to you:
- You own the vehicle at the end of the agreement.
- All risks of ownership, maintenance, administration and disposal remain with you
- As you are paying for the vehicle in full you may need to consider that a larger deposit might be required at the start of the agreement, with larger monthly payments over a longer period of time.