Car finance allows you to spread out the cost of your car over the course of a set number of months, making it a lot more affordable. If you think that you might want to finance your next car, you may have some questions, and we'll aim to answer some of those that are most commonly asked here.
What is HP finance?
HP stands for Hire Purchase, and this is one of the main types of car finance agreement. With HP finance you will essentially hire the car from the lender, making repayments every month until the amount you borrowed is paid in full. At the end of the agreement, ownership of the vehicle will be transferred to you.
What are the pros and cons of HP finance?
How does it work?
With HP finance, you will put down an initial deposit which will cover a small portion of the whole vehicle price. The amount that remains will be divided by the number of months in your agreement, giving you the cost of each monthly instalment. You will then make these repayments until your agreement is over and you have paid back the value of the car in full along with any interest. At this point, you will become the legal owner of the vehicle.
How to apply?
Apply for car finance in Ringwood with Economy Hire by completing our online application form!