Hire Purchase
This funding method is probably the most well known and straight forward way of financing your next vehicle. No VAT is charged on the monthly payments so it is an attractive option for both Non vat registered Businesses and personal users.
The interest rate is fixed at the beginning of the agreement and payments can be structured by deposit and length of agreement, with the maximum term of 60 months.
Unlike Lease purchase at the end of the agreement you own the vehicle there is no balloon payment.