For intermediaries only

Hire purchase

Provide a deposit and pay for your car across monthly installments. You then have the option to buy the vehicle at the end of the fixed term contract.

A hire purchase is a straightforward way to finance your classic car. Simply put down a deposit and the remaining balance is divided equally over the term of the loan. A fixed rate of interest is charged along with fixed monthly payments. At the start of the agreement, you decide the amount of deposit you would like to pay, typically 20% – 50% of the car’s price. The remaining balance, together with the interest, is repaid over an agreed period usually between 1 – 5 years. At the end of the fixed term contract, you then have the option to buy the vehicle.

Lease purchase

Similar to a hire purchase with a larger payment at the end of the agreed period, reducing instalments.

Also known as a hire purchase with a balloon, lease purchase is an ideal way to fund your car if you want lower monthly payments compared to a standard hire purchase.

To reduce your monthly instalments, a deferred final payment, or balloon, is offset to the end of the agreement. This allows you to pay a lump sum to purchase the car in full, if you choose to do so at the end of the agreed period.

The deposit amount is flexible, typically between 20% – 50% of the price. The deferred balloon is calculated on the estimated future resale value of the car.

The difference, plus the agreed interest, is repaid in equal instalments over a set period with a final balloon payment. A typical lease purchase agreement lasts between two and five years, but it is possible to fully or partially settle the outstanding finance at any point.

At the end of the agreement you have a number options:

  • Purchase the car by paying the deferred balloon
  • Part-exchange the car using any equity towards your next vehicle
  • Sell the car privately, retaining any equity once the balloon has been paid
  • Refinance the final balloon payment

Refinancing

We can refinance agreements with your existing lender and arrange new bespoke terms to fit your needs on a hire or lease purchase. Sometimes existing arrangements are at higher rates and refinancing and restructuring the agreement can be beneficial.

At the end of the agreement you have a number options:

  • Purchase the car by paying the deferred balloon
  • Part-exchange the car using any equity towards your next vehicle
  • Sell the car privately, retaining any equity once the balloon has been paid
  • Refinance the final balloon payment

Equity release

We buy your car, sell it back to you on a hire purchase agreement, including interest, and you free up equity.

The collector’s car market has achieved significant capital value growth over recent years. So now might be the time to release some of the equity currently tied up in your vehicle. We can help by leveraging the value of your car through equity release, also known as ‘sale and hire purchase back’.

It’s relatively straightforward. If you own a high-value car, whether classic or modern, we can arrange to buy your car and then sell it back to you on a hire purchase agreement. No dealers are involved in the process and the funds are released directly into your bank account. You will then have the option to buy the vehicle back at the end of the fixed term contract.

We’re a direct lender, not a broker, so we assess every car we finance individually.