Hire Purchase, sometimes referred to as HP, is the simplest way to buy your next vehicle.
If you’re purchasing a vehicle which is VAT qualifying, you’ll need to pay the VAT as a deposit at the start of the agreement and then the remaining balance is repaid from 12 to 60 months.
If you are part exchanging a vehicle then you can use this as a deposit too. We’ll work to fit the length of your loan around your monthly budget or how often you like to change your vehicle.
Your payments are fixed throughout your loan and you can settle your agreement at any time, allowing you to change your vehicle before the end of your agreement. Once you have finished making your repayments, the vehicle becomes yours.
We don’t rely on computers to make a decision about your application. Instead, our team of experts combine their years of experience with modern technology to provide a personal, friendly and professional service.
o Funding gives you the ability to spread the cost of your vehicles and allows you to leave working capital available for other business expenses.
o It allows you to easily manage when you change your company vehicles.
o You’ll own the vehicle once your final payment has been paid.
o You’ll have fixed monthly payments and terms.
1. Speak to us directly or tell your dealership that you want us to arrange your finance. We’ll make the necessary arrangements with them.
2. Once we’ve approved your application we’ll make sure the paperwork is waiting at the dealership for you. Alternatively you can you can visit our office or call in to any Cumberland Branch.
3. Once the paperwork has been completed, we’ll pay the balance direct to the dealership in time to collect your new vehicle!
If you want to know more about Hire Purchase or if you’ve seen a vehicle and would like a quote, contact your local team on 01228 595939 or scroll down to schedule a call or request a quotation.
If you wish to change your vehicle, you can part exchange it for a new one, and by using the value of the vehicle, repay the final payment to ourselves and complete the loan and you are free to use any left over money from your old vehicle to go towards a new one.
If you decide that you wish to keep your vehicle, then you can complete your loan by paying the final payment to ourselves. You can pay this in a one off payment, or if you wish to contact us we will be happy to look at arranging this over a period that is suitable for yourselves.
WE can also be a more efficient solution to your business needs. If you have a loan which is used for business purposes, such as buying a new vehicle, then you are able to deduct the interest which you pay on your loan from your final profit or loss figures when your annual tax bill is calculated.
Borderway Finance has a dedicated Account Manager who specialises in providing solutions to businesses within our local area. Depending on the nature of your business we may be able to offer a credit line to help you manage your fleet of company vehicles. This helps to speed up your vehicle buying process and leaving you with one less thing to worry about.