HP Car Finance

Between 24 and 60 months.

Yes! All Finance companies must give the option for you to settle payment during the course of the agreement. You simply need to contact the finance company and ask for a “settlement figure” (sometimes known as a redemption statement). When this is paid, the car is yours and the finance company will transfer full ownership to you.

Conditional Sale (CS) is very similar to HP, the main difference is that at the end of the agreement you need to make a purchase payment (generally very small) in order to take ownership, whereas with Conditional Sale, on the final monthly payment the car automatically becomes your property.

Yes. Voluntary Termination (VT) is typically applied when more than half of what is owed on the car at the start of the agreement has been paid off. You may want to VT for a number of reasons but provided you are past the half way point, or you “make good” on paying half of the total amount (incl. any fees) then under the Credit Consumer Act 1974 you have the right to VT using the “rule of half”.

The best choice for you will depend on a variety of factors, including your current financial situation, how you plan to use the car, and how much flexibility you’re after. 

If you’re unsure, a member of our team will be able to support you!

Compared to Hire Purchase, Personal Contract Purchase (PCP) car finance is directed towards those who like to switch up their car every so often. At the end of this type of agreement, you will have the option to return the vehicle or even part-exchange for another one.

In this sense, it gives you more freedom with car buying. 

What about the monthly payments?

With HP finance, the cost of the car will be divided up into equal payments. With PCP finance, you are only paying for a portion of the car’s total cost – this can lower the amount you have to pay each month.

If you want to keep hold of the car at the end of a PCP agreement, you will need to make an additional final payment. 

Does this sound more up your street? Check out our PCP finance solutions today. 

Well, it depends. 

Opting for hire purchase car finance will generally give you access to a wide range of cars. With this added flexibility, you can now purchase a vehicle that meets your specific requirements.

From luxury brands that elevate the daily drive to cars that offer plenty of boot space and even fuel-efficient models, you won’t have to settle for less ever again.

With that being said, the terms and conditions of the agreement will differ from lender to lender. This means that you may not have complete free reign when it comes to choosing a car. For instance, there might be some restrictions on the vehicle type, age and mileage. We would always recommend having a chat with your lender.

Another factor to consider is your creditworthiness.

• If you have a strong score, and if your budget allows, you may be able to aim higher with your car choice.
• If you have a lower score, it might be wise to choose a model with a lower price tag. Not only will this increase your chances of approval but it will allow you to manage your budget more effectively, saving stress in the long run. 

Why not opt for a pre-owned car?

With so many great deals to be found, the second-hand market is busier than it’s ever been. Whether you’re looking for a spacious family car, a sleek city car, or something in between, you’re sure to find something that suits.

And at We Finance Any Car, we make purchasing a used car through finance even easier.

Your credit rating is a big factor in determining whether your application gets approved for any car finance agreement – a low score could impact your chances.

But don’t be disheartened.

Although there may be a few obstacles along the way, Hire Purchase could still be an option. Due to the nature of this type of agreement, lenders may be more willing to consider applicants with a bad credit score. 

At We Finance Any Car, we recognise that finance rejections can be tough, especially if you’re in desperate need of a car. Working with experienced lenders who have an open-minded approach, we offer a specialist service for those hoping to secure Hire Purchase finance with bad credit.

So, whether you’re struggling with a poor credit rating or you’re a young driver with an incomplete credit history, you’ve come to the right place.