When you pay off the final instalment of your car hire purchase agreement, and pay your option to purchase fee, you will no longer owe any money on your vehicle, and you become the legal owner.
Some people choose to sell the car at this point to make some money back, or part exchange the vehicle to get a new car. Depending on the age, condition and make of your car, you may be in luck because used car prices have increased in recent years. If you want, you can use this money to help you get started on a new car hire purchase agreement.
Of course, you can also keep hold of the car too. A well-serviced car could run for many years after you’ve paid off your final instalment, giving you better value over time from your finance arrangement.
Yes. Your final payment will include a £10 option to buy fee. When you’ve paid this, you will become the owner of the vehicle.
No longer need your car? Simply have your eye on a different vehicle and want to arrange a new finance deal? Ending your hire purchase agreement early can be possible.
You can request a settlement figure, via your My Go Car account. This settlement figure will need to be fully settled before you can take out another finance agreement with us.
You can do this in a couple of ways.
You are unable to sell your vehicle privately, without the lender’s permission, before the end of the agreement as you are not yet the legal owner until the agreement has been settled in full.
If you are looking to renew your car finance, then
speak to our team who will be able to advise on your next car purchase. Through renewal, we may be able to explore options to suit your needs such as securing a higher lend limit with longer loan terms, a lower APR (Annual Percentage Rate) or no Payment Reminder System in place.
As long as you keep up with repayments, we will leave you alone to enjoy your car. However, if you miss payments, we will reach out to you. At every step, we will look at options to help you get back on top of your payment. This might mean giving you extra time to cover your costs or arranging a repayment plan.
However, if you continue to miss payments, and avoid keeping in touch with our team, eventually we will have to look at terminating your agreement.
The end of a hire purchase agreement is an exciting time. For some, the idea of enjoying complete ownership of the vehicle without having to worry about repayments is a great feeling. For others, it’s the perfect moment to start looking at new finance deals on their next car.