Hire Purchase, sometimes referred to as HP, is the simplest way to buy your next vehicle.
Once you’ve found your new vehicle, contact us and we will be happy to discuss your requirements.
We’ll discuss how long you’d like to repay your loan for, when you’d like to change your vehicle again or we can tailor a quote which fits in with your monthly budget.
Hire Purchase gives you fixed monthly repayments throughout your loan so you know exactly how much you’re going to be paying every month. The interest rate is fixed too, so you’ll never have to worry about your payments increasing.
If you decide you want to change your vehicle part way through then all you need to do is speak to us to get a settlement figure. This is the amount required to settle your outstanding loan, but as your loan is secured on your vehicle, you may be able to sell or part exchange your vehicle to do this.
Once you know what your settlement figure is, we’ll talk you through the process of changing your vehicle to make sure you get the right finance again.
If you would like to finish your loan early, you can settle it at any time. You can do this in full or if you can’t manage to settle it all in one go, then a partial settlement allows you to repay some of your outstanding finance and reduce your monthly repayment.
Once you’ve finished making your repayments, the vehicle becomes yours.
If you’ve any questions about how our Hire Purchase loans work, you can call us, email us or head into your nearest branch of The Cumberland to find out more information.