How hire purchase usually works
A cash deposit or accepted part exchange may reduce the amount financed. The remaining amount is repaid through fixed monthly payments over the agreement term, with interest and any disclosed fees included in the total payable.
The agreement is normally secured against the vehicle. You usually become the legal owner only after the required payments and any option-to-purchase fee have been made.
- Choose an eligible vehicle
- Agree the deposit and amount of credit
- Review APR, term and total payable
- Make the scheduled payments
- Complete any ownership fee stated in the agreement
What to compare before signing
Compare the monthly payment with the deposit, APR, agreement length, fees and total amount payable. Ask what happens if you settle early, want to change the vehicle or experience payment difficulties.
A vehicle must remain affordable alongside normal living costs and motoring expenses. Missing payments can damage your credit record and may put the car at risk, so contact the provider promptly if circumstances change.
Enquiring through a credit broker
HQ Sourcing Ltd T/A Nationwide Motor Finance acts as a credit broker, not a lender. We can introduce customers to a limited panel of providers where appropriate, but the provider makes the lending decision and sets the final terms.
Our on-site form is an eligibility enquiry to the dealership team. It is not a finance application or credit search. Any later search and application process must be explained before you choose to continue.
