Lease Purchase
What is a lease purchase agreement?
Lease Purchase offers many of the benefits of Hire Purchase with the addition of deferring part of your loan until the end of the agreement. This is a larger final payment which is sometimes referred to as a balloon payment. We offer Lease Purchase on vehicles up to 4 years old over a maximum period of 4 years.
The value of the payment is calculated on the anticipated value of the vehicle at the end of the loan based on the exact model and number of miles you’ll cover during the agreement.
This has the affect of lowering your monthly repayments and may allow you to buy a newer or more expensive vehicle when compared to a Hire Purchase loan over the same period.
At the end of your loan, if you wish to keep your vehicle you simply have to pay the final payment. You can either pay this in a one off lump sum or we offer our customers the ability to refinance the balloon payment over a period which fits your budget. If you want to change your vehicle rather than paying the final payment, you can part exchange it and use the value of the vehicle to repay the final payment and any remaining equity can be used as a deposit towards your next vehicle.
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 Lease 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. You’ll just need to know the exact registration number before you apply. 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 Lease Purchase or if you’ve seen a vehicle and would like a quote, contact your local team on 01228 595939 or request a quotation.
What if I want to change my vehicle?
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.