Once the final instalment has been paid you own the vehicle. Hire Purchase gives those without the ability to pay for a car outright to purchase a car.
Monthly Payments and interest rate is fixed throughout the period of the agreement even if bank interest rates increase.
HP or leasing allows companies to control and deploy assets without significant drain on working capital.
The monthly payment is determined by the amount of deposit paid, the period of the contract and the sale price of the vehicle.
The loan itself is secured against the car. This will make obtaining finance easier than trying for an unsecured loan. You should bear in mind that monthly repayments will be higher than they would be during a personal contract purchase and you will not own your vehicle until the last payment has been made. The loan provider could repossess your vehicle at any time if the payments are not kept up. In the event of the vehicle being sold before the end of the agreement you would still be required to pay the loan back in full.
For more information on Agnew Leasing Hire Purchase:
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