Hire Purchase Newport

Getting your hands on the car of your dreams could not be any easier, with our Hire Purchase finance deals. At Smile Car Finance Newport, we present versatile and bespoke packages to our customers which make repayments on your car economical and simple. But what precisely is Hire Purchase finance?

Hire Purchase finance is a popular way to financing a car, which includes securing your dream car with an agreed-upon total of deposit, and paying off the rest of the total with equal monthly repayments for an agreed-upon amount of time. You may also want to think about using a hire purchase finance calculator to ascertain the amount of deposit you can afford before choosing a vehicle. The price of these equal repayments is established by how much the car is worth at the point of sale, how much deposit is put down to secure the car and the length of time in which you both agree upon, as to when the motor will be fully paid up. At the end of the finance deal, when you have made your final payment to the dealership, the car is yours to keep and you will be the owner.

The wonderful thing about Hire Purchase finance is that you are able to agree on a deposit sum with your dealer, and this determines the amount of money which will be paid back each month, making it a bespoke deal for you. For example, if you pay a larger deposit, you will have smaller monthly repayments throughout the specified amount of time of your contract, and vice versa. Hire purchase for cars typically lasts around five years, although that specific length of time will be arranged with your dealer to suit both of your needs.