What is Hire Purchase?

Hire Purchase Infographic which reads "Cost of your vehicle. Deposit: as little as one monthly payment (Subject to underwriting. 25% minimum deposit applies to new and used taxis). Monthly repayments: divided equally over 12 to 60 months"

How does Hire Purchase work?

Once you have chosen your vehicle you just need to decide your initial payment and how long you want to pay back the finance over. The amount left to finance is then divided equally over the length of your agreement to make up your monthly payments.

Once you have made all repayments, and paid the option to purchase fee, you own the vehicle.

Watch our Hire Purchase explained video

The benefits of Hire Purchase

No mileage restrictions

As you own the vehicle at the end of the agreement, there is no limit on how much you can drive the vehicle.

You own the vehicle at the end

Hire Purchase is a simple agreement, once you have paid all the monthly payments the vehicle is yours to sell, trade in, or keep.

Monthly payments to suit you

Hire Purchase is a striaght forward way to buy a new or used vehicle without a large financial outlay up front. By breaking down the cost of the vehicle into monthly payments, it enables you to budget reliably over the next 3-5 years.

Bespoke to your needs

You determine how long you want to spread the finance over, and how much of an initial payment you want to put down. This enables you to tailor the agreement to suit your situation.

Would Hire Purchase suit me?

The simplicity of Hire Purchase can help a range of people get into a new or used vehicle. It may be the best option for you if:

You drive a high mileage

You want to own the vehicle

You want to be able to budget for the next 3-5 years

You want to spread the cost of a new vehicle

If Hire Purchase is the right product for you, you now need to find the perfect vehicle!

At Volkswagen Financial Services we work with all the brands of the Volkswagen Group, so you can be sure to find the right vehicle from the range of brands below:

Looking to finance a used car instead? heycar feature the best used cars from selected dealers. With a wide range of models and a choice of finance options available you can say goodbye to stressful searching, heycar are there to make it easier and more enjoyable.

visit heycar

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Hire Purchase is a simple way to finance your vehicle.