Good credit - You have well run credit accounts, on the voters roll & No CCJ's, Defaults, Missed Payments or arrears recorded on your credit file in the last 6 Years. You will be able to obtain the lowest rate Hire Purchase Car Finance agreements as the loan is secured against the vehicle the risk to the lender is minimised. We have a large panel of lenders that will look to offer a credit option from 10% APR.
We can also help in these cases:
Once a finance lender has given you an AIP (Approval In Principle) they will require some documentation in order to confirm some of the details on your application once you've chosen your car. The amount of documentation depends on your Credit rating, Employment status and Electoral roll Status . However with todays technology it is possible to check most information Electronically without documentation
To obtain car finance you must meet the following criteria.
| Age Limit | The applicant should be min 18 years & max. 70 years. |
| Income | Minimum £1000 Wage or Benefits |
| Driving Licence | Main or Joint hirer must have a Full Driving Licence |
| Joint-applicants | Must be living at the same address |
| Bank Account | Must be able to accept Direct Debts |
| Income & Expenses | Credit Limits maybe set by affordability |
| Address History | Lived in the UK for 3 years |
As the title suggests, you hire the car from the finance company, taking responsibility for it and making monthly payments until you have paid the total amount owed. You are the registered keeper of the vehicle throughout the payment plan and then at the end of the repayment period, you have the option to take ownership of the car.
As you've paid off the cost of the car by this point, all you pay is a small admin fee. This could be anything from £1 - £299+.
HP is good if: