A Hire Purchase Agreement with Crown Motors is a flexible, straightforward and cost-effective way to finance your vehicle. It is much like an ordinary personal loan as you make monthly payments with a set level of interest, and is the most common type of vehicle finance.
With Hire Purchase you can adjust the deposit and agreement length to suit your circumstances - and may even choose to pay no deposit at all. Terms last between 12 and 60 months, with your instalment due on the same day each month and your interest rate fixed. In other words, there will be no unexpected demands or nasty surprises.
The used vehicle that you choose at Crown Motors will become the security for your financial agreement, and of course you can begin using it straight away while you are making payments. One advantage of this is that it keeps other types of credit open to you, should you need them at any time. It is important to remember that if you fall behind on your repayments, the car will be repossessed and you will still be liable for the outstanding balance due. You are not allowed to sell or dispose of the vehicle while your agreement term is still running.
Hire Purchase gives you the opportunity to pay off the agreed amount earlier than planned if your circumstances allow. There are no penalties or charges for this. Quite simply, once you have paid in full on or before the end of your term, then the vehicle is yours to keep or sell.
To explore your Hire Purchase options with Crown Motors Used Car Finance, simply contact our team today.