Hire Purchase is a straightforward way to pay for your Volkswagen Commercial Vehicle. You pay your deposit (which can be as little as one monthly payment), and then the balance is spread equally over one to five years helping you to select instalments that match your budget. At the end of the agreement, once you have made all the payments (including the option to purchase fee) you own your vehicle.
How does Hire Purchase work?
Once you have chosen your vehicle you just need to decide your deposit and how long you want to pay back the finance over. The amount left to finance is then divided equally over the length of your agreement to make up your monthly payments.
When you have made all repayments, and paid the option to purchase fee, you own the vehicle.
The benefits of Hire Purchase
Hire Purchase is a simple agreement, once you have paid all the monthly payments the vehicle is yours to sell, trade in, or keep.
As you own the vehicle at the end of the agreement, there is no limit on how much you can drive the vehicle.
Hire Purchase is a straight forward way to buy a new or used vehicle without a large financial outlay up front. By breaking down the cost of the vehicle into monthly payments, it enables you to budget reliably over the next 3-5 years.
You determine how long you want to spread the finance over, and how much of a deposit you want to put down. This enables you to tailor the agreement to suit your situation.
Would Hire Purchase suit me?
The simplicity of Hire Purchase can help a range of people get into a new or used vehicle. It may be the best option for you if:
- You drive a high mileage
- You want to own the vehicle
- You want to be able to budget for the next 1-5 years
- You want to spread the cost of a new vehicle
The end of your agreement
Own your vehicle
Once you’ve paid all your monthly payments and the option-to-purchase fee, the vehicle is yours to keep, or to use as part exchange for another vehicle.
There is no action required from you, we will automatically close the agreement after your final direct debit payment has been collected and send a clearance letter for your records.