Flexible payments towards car ownership

Hire Purchase for business cars

Hire Purchase explained

  • Fixed and variable rate options available.
  • Flexible finance for a business car you want to keep at the end of the contract.
  • During the contract period we’ll be the legal owner, but you’ll be responsible for maintenance, repairs and insurance. You’ll become the owner of the car when you make the final payment and, including the Option to Purchase Fee.
  • There’s flexibility with monthly payments, based on how much you pay in an original deposit and a final lump sum payment at the end of your agreement. You may be able to choose a 0% deposit. If you apply online there’s no arrangement fee to pay.  

If you're a Sole Trader or Partnership of 2 or 3 partners borrowing up to £25,000.00, or a private individual borrowing any amount, your agreement will be regulated by the Consumer Credit Act (1974). This means you'll have a Fixed Rate Regulated Conditional Sale agreement.  Check out our factsheets for more information Fixed Rate Conditional Sale (PDF, 274KB)Fixed Rate Hire Purchase (PDF, 181KB), Variable Rate Hire Purchase (PDF, 215KB).

Fixed Rate

  • Applicable to Hire Purchase and Conditional Sale agreements​
  • The interest rate stays the same throughout the agreement, so you always know how much you’ll pay back​
  • The stability of a fixed rate could make it easier to manage your cash flow and business costs​
  • You may pay additional charges for settling early​
  • You can apply online​

Variable Rate

  • Applicable to Hire Purchase agreements only​
  • The interest rate may vary as it changes in line with the Bank of England​ Base Rate
  • As a more flexible option, your monthly repayments may go up and down​
  • You won't pay additional charges for settling early​
  • Contact us to obtain a quote​

What are the benefits of Hire Purchase?

Find your own car - When picking your car you are not restricted to a certain dealership or make of vehicle.

No mileage restrictions - You may be able to take advantage of no mileage limitations on your Hire Purchase agreement.

No arrangement fee - If you apply online there's no arrangement fee to pay.

Flexible payments - Have the option of lower monthly repayments if you pay a lump sum at the end of the contract.

Tailored agreement length - Choose a payment term from 12 to 84 months.

Reduction of tax payable - You may be able to claim allowances and capital grants for your vehicle. It may also be possible to offset repayment interest against your business profits and claim back VAT*.

Steps to apply for Fixed Rate Hire Purchase online

Start your quote

You’ll need to provide details about the car you want and your business, and we’ll give you an instant quote. The form takes around five minutes. 

Apply and get a decision

Once you've completed your application online we’ll perform a credit search and let you know instantly if you’ve been approved. 

Receive your car

Let us know when you want to collect your car and we'll arrange to transfer the funds so you can hit the open road!

Use our Eligibility Checker

Try our Eligibility Checker to find out whether you’re likely to be accepted for finance before you apply. It only takes a few minutes and it won't impact your credit score.

Try our Fixed Rate calculator

For a quick estimate of your borrowing costs and what your monthly repayments could be try our calculator. It could help you get a clearer idea of your options.

Ready to get a personalised Fixed Rate Hire Purchase quote?

When you're ready to get a full Fixed Rate quote click the Start now button below.

Along the way you can save your quote and create an account.

We'll only run a credit check when you submit your full application and you'll get to see your quote before this.

Security may be required. Product fees may apply. Finance is only available for business purposes.

Commonly asked questions

Contact our team

The quickest way to get in touch is through our 'Live chat' on the side of your screen.

Our expert team are here to help, Monday to Friday 9am to 5pm.