Hire Purchase
Hire Purchase is a straightforward way to pay for your Commercial Vehicle. You pay your deposit (which can be as little as one monthly payment), and then the balance is spread equally over one to five years helping you to select instalments that match your budget. At the end of the agreement, once you have made all the payments (including the option to purchase fee) you own your vehicle.
Features
Hire Purchase (HP) is a fixed cost, fixed period loan linked to the purchase of a vehicle.
HP is suitable for customers who want to own the vehicle once they have made all necessary payments.
The finance provider owns the vehicle until the point the customer has made all necessary payments.
There are no mileage restrictions, servicing requirements or other charges. Customers can 'Voluntary Terminate' their credit agreement before the final payment is due provided they; (1) hand back the vehicle, (2) pay or have paid half of the total amount owed.
QUESTIONS
There are pros and cons to buying a van on finance. One advantage is that it can allow you to purchase a more expensive or higher-quality van than you would be able to afford upfront. It can also make it easier to budget for the purchase, since you can spread the cost out over time. However, buying on finance can also mean paying interest, which can add to the overall cost of the van. Additionally, if you have difficulty making payments, it could harm your credit score. Ultimately, whether or not buying a van on finance is a good idea will depend on your individual circumstances and financial situation. It's important to carefully consider all of the potential advantages and disadvantages before making a decision.
PCP is a type of car finance that allows you to make lower monthly payments than you would with a traditional loan. This is because with a PCP, you are only financing a portion of the total cost of the car. At the end of the contract, you have the option to pay the remaining balance in full and keep the car, trade it in for a new one, or return it to the lender.
HP is similar to PCP in that it allows you to make lower monthly payments by only financing a portion of the car's total cost. However, with HP, you are required to pay the remaining balance in full at the end of the contract in order to keep the car.
A personal loan is a type of loan that can be used to finance the purchase of a car, but it is not specifically designed for this purpose. With a personal loan, you borrow a fixed amount of money and agree to pay it back over a set period of time, typically with fixed monthly payments. Personal loans can be used to finance the full cost of a car, but they may not offer the same flexibility as PCP or HP.
Overall, the type of car finance you choose will depend on your individual circumstances and financial situation. It's important to carefully consider all of your options and choose the one that is right for you.
Yes, in most cases, van finance can be paid off early. Many lenders will allow you to make additional payments or pay off the loan in full before the end of the agreed-upon term. This is known as paying off the loan "early" or "prepaying" it.
Paying off van finance early can have a number of advantages. For example, it can save you money by reducing the amount of interest you will pay over the life of the loan. It can also give you more flexibility, since you will no longer be tied to the monthly payments and can use the money for other purposes.
However, there may also be some disadvantages to paying off van finance early. Some lenders may charge a fee for early repayment, which can add to the overall cost of the loan. Additionally, paying off the loan early could affect your credit score, depending on how the lender reports the early repayment to the credit bureaus.
Overall, whether or not you decide to pay off van finance early will depend on your individual circumstances and financial situation. It's important to carefully consider all of the potential advantages and disadvantages before making a decision.
Yes, it's still possible to secure van finance with bad credit. We work activly with lenders who specialise in providing options for individuals with less-than-perfect credit histories. However, be prepared for higher interest rates and possibly stricter terms.
We usually have an instant decision however sometimes this can take a little bit longer, but in most instances once your approved you can be driving away in your new van no more than 60 minutes later.