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Hire Purchase

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hire purchase car finance

Are you looking to spread the cost of buying a new car because you’re unable to pay for it upfront or perhaps you’re worried your poor credit history will affect your chances of getting finance?

At Go Car Credit, we specialise in helping people with bad credit get behind the wheel and onto the open road. Find out if hire purchase (HP) car finance could be the perfect option for you.

49.6% APR Representative – Subject to status and affordability

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What is hire purchase car finance?

Hire purchase car finance gives individuals the chance to buy a vehicle without having to pay for the amount in full before they can drive it. When you come to Go Car Credit for this type of finance, you’ll be hiring your car from us and your purchase will be secured against the motor itself. That means the car is legally owned by us and you will be the registered keeper while you make fixed monthly payments across a set period of time. Once you have paid the car’s value in full, plus an amount of interest together with the £10 option to purchase fee, the car will be yours.

If you are unable to make the repayments, we will work together to resolve this problem. As a last resort, we can repossess the car but there are many steps that we will take before reaching that scenario.

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What are the advantages of hire purchase?

Some of the key advantages of hire purchase finance include:

  • Transparency: All costs will be agreed up front, meaning that you won’t experience any surprises throughout the process. As your interest rate will be fixed, it may make it easier for you to budget the costs.
  • Zero mileage limits: Hire purchase doesn’t come with a mileage limit, meaning that you can travel to wherever you need to go (If you want to take the vehicle abroad you would need to make us aware, prior to your trip). Do bear in mind that mileage could have an impact on the cars value.
  • Improve your credit score: By keeping up with the regular contractual payments in full and on the agreed date, you could showcase how reliable you are. This could help to open up lines of credit in the future.
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NO DEPOSIT
REQUIRED

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DEALERS
NATIONWIDE

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SAME DAY
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What are the potential risks involved?

Before applying for hire purchase, it’s also important that you are aware of the disadvantages this type of loan brings. These include:

  • Losing the vehicle: If you can’t keep up with the repayments, you could risk losing the car completely and potentially still be liable for the finance outstanding.
  • Less suitable in the short term: If you’re looking for a car for a shorter period of time than what is written on the agreement terms, hire purchase may not be right for you.
  • Ownership: Without permission, you won’t be able to make modifications to the car – or sell it – during the terms of the agreements. The car won’t be yours until you have settled the finance in full. If you’d like to find out more, contact us and one of our team will be more than happy to help.
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Can I get a HP loan with poor credit history?

Do you believe that you might be rejected for hire purchase car finance because of a poor credit history? At Go Car Credit, we see our customers as individuals – not just a number.

Hire purchase could be a fantastic form of car finance if you have a poor credit rating or if you’re unable to get alternative forms of credit, such as a personal loan. Because HP loans are secured against the value of the vehicle, the lender can sometimes get their money back by repossessing the car if you’re unable to keep up with the repayments. Any outstanding balance owed following the return of the car could be owed in full .

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Why choose Go Car Credit for hire purchase car finance?

If you have been turned down by other lenders in the past, it can be easy to get disheartened but it doesn’t need to be that way. Here are some reasons why you should come to us for hire purchase car finance:

  • Supportive: We will endeavour to support and guide you throughout the whole hire purchase car finance process.
  • Easy application: We offer an efficient, stress-free experience starting from the application process, right through to getting behind the wheel of your new car.
  • Highly recommended: We have an ‘excellent’ rating on Trustpilot, which is based on hundreds of independent customer reviews.
  • Peace of mind: We’re authorised and regulated by the Financial Conduct Authority (FCA) and adhere to their regulatory requirements.

It’ll only take you a couple of minutes to enter your details into our secure online application form, so why not do it now?

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Speak to us

We’re here to help you walk on to a dealer’s forecourt with confidence. Contact our friendly, professional team on 01925 696373 and let us help you get the hire purchase car finance you need.

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