Hire Purchase (HP)
The most well known van finance option is through Hire Purchase.
This is where you hire the van for the duration of the period that you are paying off your van. Once it is paid off, you will then become the owner of the car.
You pay for the van in monthly installments over a pre-agreed space of time which could be months or years. Each monthly installment, with any finance option for that matter, will likely include a fixed interest rate. The interest rate is usually higher depending on your credit rating. At Bad Credit Motor Finance we are able to find the best deal for you and your circumstances.
Failure to make your payments on time will result in the repossession of your van. While some other finance options may come with a mileage limit – this is not the case with a HP finance contract.