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.

Related:

 

Other types of finance available:

Application process

Make an application online

Apply now or call us, one of our experienced advisors will take some basic details for our lenders to review. If approved you will be offered a credit limit for your new car.

Choose your car

Once you have your credit limit, one of our advisors will assist you in choosing your new car from our showroom – we have over 1000 vehicles available in group stock, at this stage you will be able to discuss your needs and establish the car you want.

Documents and Delivery

We will now prepare your new car for delivery and get it to you usually within 48 hours, giving you a free 12 month comprehensive warranty & 12 months MOT. Once your car arrives, if your happy you sign your finance documents.

Application Criteria

Do you meet the hire purchase car finance application criteria?

To be eligable for car finance all you need is to…

  • Be aged 18 or over
  • Hold a full UK/EU driving licence
  • Be UK resident for 3 years
  • Have a Full time, part time job, be self-employed
  • Not bankrupt

Please note: if your income is 100% benefits you must be in receipt of a high rate benefit like DLA or PIP to apply for bad credit car finance.

What our customers think…

Scott Royle
Scott Royle
20:54 22 Feb 19
Really happy with my car and great service car delivered by a really nice bloke and everything felt very personal
Gayle Eaton
Gayle Eaton
12:33 01 Aug 17
Very good service very happy
kim summers
kim summers
13:30 13 Jun 19
Received my new car yesterday..... delivered all the way to Hull..... the gentleman who delivered it was very polite.....A big shout to David for all the hard work and patience finding me a nice car...... I am absolutely thrilled with it........ I would thoroughly recommend this company to anyone, David was very friendly and was helpful through the whole process from beginning to end and would hesitate to recommend this company to my family and friends, thank you 😊
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