Hire Purchase (HP)
Hire Purchase (HP) is a finance option offered by Hendy Ford Transit Centre.
There are four steps to HP:
- You will agree an amount you need to borrow to purchase your chosen used commercial vehicle from Hendy Ford Transit Centre (less any deposit or part exchange).
- We will contact the motor finance company for you which, subject to credit checks, pay for the car for you.
- You will make fixed monthly payments to the motor finance company for the agreed term.
- At the end of the agreed term, the vehicle is now owned by your business.
The finance paperwork for HP will clearly state the cost of the vehicle, the deposit you have made and the amount of interest you will be paying on the amount borrowed.
Please note the vehicle will be used as security for the loan, just as a house is for a mortgage.
BENEFITS OF CHOOSING HP AS YOUR FINANCE OPTION:
- HP is quick and easy to arrange
- At the end of the agreement assuming all payments have been made your business owns the vehicle
- You will only need a small deposit for the agreement
- A choice of repayment periods (24 - 60 months) and deposit levels
- Interest rates are fixed and competitive
- Fixed regular payments to suit your business needs
- No mileage restrictions
- You can budget and know the exact payment amount each year
- As owners of the vehicle, your business retains any profit from the sale of the vehicle
- 7.9% APR* (Subject to Terms and conditions)