Hire purchase Car Finance
Hire purchase car finance loans
Hire purchase – often call HP – is the most common option available for people looking to finance a new or used car. When you apply for hire purchase with Socialmotors we scour the market to make sure you get the best deal available for your personal circumstances right now.
When you are approved for a hire purchase agreement you are provided with a set amount of funds to choose a new vehicle. We can finance most vehicles including motorbikes, motorhomes, caravans, vans and obviously cars!
You do not have to pay any deposit towards a hire purchase agreement when buying with Socialmotors, although you are welcome to if you would like to reduce payments. You pay for the agreement via monthly instalments that are fixed at a set amount, over a period of time you agree with the finance company – This can be from 1 – 5 years. Once you have repaid the loan, the vehicle will then be yours subject to a small option to purchase fee. On average this is about £10 (please note fees can vary, depending on the lender)
Hire purchase car finance criteria
To apply for car finance you must be over 18 years old. Holding a valid UK, EU or international driving licence is not mandatory, although very beneficial. We do have options for people holding a provisional driving licence to obtain finance for a new car. (subject to additional lending criteria)
The minimum information required to be considered for a finance agreement by one of our lenders: Personal identification, proof of Address and proof of income. Lenders will also look at your credit file to gain insight into your past financial behaviour. See: Documentation required
At Socialmotors, we have lenders that consider all application regardless of your credit score. We have many lenders that specialise in helping those with not so good credit histories. If you have really bad credit, have not paid previous hire purchase agreements, been declared bankrupt or even entered into an IVA (Individual voluntary agreement) – we may still be able to help you
If you have a car on finance already and would like to part exchange it for something else or simply would like to take out a second agreement on another vehicle, this is something we can help with.