Hire Purchase, often referred to as HP, is a type of finance agreement which can be used to buy a new or a used vehicle. Usually, you’ll pay a deposit at the start of your agreement and then repay the remaining balance over a fixed period of time. If you have a part exchange, you can use that as part of your deposit as well.
We offer our Hire Purchase loans over a period of 12 to 60 months and will get to know you and your circumstances, to fit the length of the loan to your budget or how long you plan to keep your vehicle before changing it.
The interest rate is fixed throughout the period of the loan which means your payments will never change. You can also repay the loan early at any time allowing you to change your vehicle before the end of your agreement.
Although you will be the registered keeper of the vehicle, you won’t legally own it until you have made all of your payments to ourselves. Once you have finished making your payments, including the option to purchase fee, the vehicle becomes yours.
If you’ve seen a vehicle and are interested in a Hire Purchase quote, you can give our team a call and we’ll be happy to provide you with some quotes tailored to your circumstances. We also have an online calculator where you can work out your monthly payments before applying for finance through our secure application form. Once you’ve applied, one of our team will be in touch with you to progress your application.
Every application we receive is underwritten by our experienced team of underwriters who combine their years of experience with modern technology to provide a personal, friendly and professional service.
You don’t just have to take our word for it though, you can see what our customers say about us by reading their reviews on our Feefo page.
If you want to know more about Hire Purchase or if you’ve seen a vehicle and would like a quote, contact your local team on 01228 595939 or use our finance calculator.
If you decide you want to change your vehicle part way through your loan then all you need to do is speak to us to get a settlement figure.
This is the amount required to settle the outstanding loan but as it’s 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, ensuring your new finance is right for your needs.
We also offer our customers the ability to make partial settlements, this allows you to repay some of your outstanding finance and reduce your monthly repayment.
If your current loan is not with Borderway then that’s ok. You’ll need to speak to your current loan provider to get your settlement figure from them. Once you’ve done that, get back in touch with us and we’ll be able to work some quotes out for your next vehicle.