Buying a new car on 'Hire Purchase' | Snows

Buying a new car using Hire Purchase from Snows

With many different finance agreements available, it can be hard to know what the right option is for you and your new vehicle. If you are considering using Hire Purchase, here is some information you may want to know...

What is Hire Purchase?

Hire Purchase works as all finance agreements do, with a monthly payment. Your monthly costs are determined by the amount you wish to deposit and how long you would like to spread the payments over which is usually 1-5 years. Deposit amount is entirely up to you, whether you would like to put down a small deposit or 80%, it’s 100% your choice. With Hire Purchase, you will not own the vehicle until your last payment has been made. 

Benefits of HP

  • Fixed monthly payments
  • Can add greater deposit
  • Tailored repayment period
  • No mileage restrictions
  • Borrowing secured against car
  • You can settle any time
  • Fixed interest rate

Do you have a car on Hire Purchase?

Did you know, if you have a car on HP you can upgrade at any time? Just pop in to your preferred dealer and they will request a settlement figure on your behalf and talk you through the next steps to take, to get you driving away in a brand new vehicle!

Is it for you?

Using Hire Purchase (HP) can be the simplest way for you to finance your new car and this has long been the traditional way to invest in a quality new vehicle.

Throughout the contracted duration, the loan is secured against the car, meaning you will not own the vehicle until you have made your last payment.