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Hire Purchase (HP) is the traditional way to finance a car. HP is very similar to borrowing a sum of money from a bank and paying it back over a fixed period of time, with interest.
Hire purchase is a type of secured loan which are often preferred over unsecured loans because they allow a greater borrowing limit. The term "secured loan" means, a loan that the lender can secure against an asset, in this case, a car.
The benefits of Hire Purchase:
1. Simplicity – you decide the deposit and you decide the term to suit you personal needs. The rate we quote is the rate you get meaning a fixed monthly payment making you monthly budgeting simple.
2. Convenience – we can arrange the finance on site within the hour and we require minimal information, we DON’T want to know your income and DON’T want to know what you spend you earnings on unlike many high street banks & direct lenders.
3. Additional Benefits – all you need is you driving licence and you first payment is delayed for 2 months. Additionally our primary lender MotoNova Finance offer discounts with many high street stores saving our customers hundreds of pounds.
4. Reassurance – borrowing you money from Stourbridge Auto's means you know exactly what you paying for your new car and you are borrowing from one of the leading lenders in the motor industry in MotoNova Finance.Call or E-mail today for a free competitive quote.