Hire Purchase Definition

If you’re looking for a simple finance package that gives you the option to own your new van while making fixed monthly payments in the process, the hire purchase option is perfect for you.

Your hire purchase package will involve an upfront deposit followed by fixed monthly payments. Unlike other finance packages, you have the opportunity to purchase the vehicle at the end of your agreement.

There are no mileage restrictions with a hire purchase agreement, however, you are responsible for the vehicle servicing and maintenance.

We’ve also covered the difference between a finance lease and hire purchase in our Finance Friday blog so you can be fully informed as to what the differences are and what the two leasing options can provide. As always, feel free to discuss your options with our SAF-accredited sales team to clear any confusion.