What is Hire Purchase?
Hire Purchase (HP) is one of the most popular types of finance agreement available. It enables you to divide the cost of your new vehicle into more manageable monthly payments.
How Does It Work?
All you have to do is select the period of time you would like your HP contract to last and put down a deposit to secure the deal. Then, we will work out what your monthly repayments will be.
The amount you will be required to pay each month will depend on the:
- price of the vehicle
- length of your contract period
- interest rate
- size of the deposit
We can adjust these factors until we find the ideal finance plan for you. At Van Ninja, we offer a deposit contribution on all of our vehicles, so that you can increase the size of your deposit and lower your regular repayments. Find out more here.
Once you have made all of the repayments, the vehicle will be yours to keep!
What are the Benefits of Hire Purchase?
Aside from allowing you to split the cost of your van or car, HP agreements offer a number of benefits, including:
Once you have signed the contract, your monthly repayments will remain a set amount, so you will not have to worry about fluctuation.
Flexible contract terms to suit you
You can select the amount of time (between one and five years) that you would like your HP agreement to last.
You will own the vehicle
When the agreement period ends, you will not have to return the vehicle to us as you would with other finance agreements. As soon as you make your final payment, you become the official owner.