Hire Purchase Refinancing

Hire purchase (HP) is a type of borrowing different from other types of borrowing as you don't own the vehicle until you have paid off all repayments in full. During an HP agreement, you may find that your payments could be reduced with hire purchase refinancing due to inflation rate drops for instance. We work closely with specially chosen lenders to help you secure the best deal.

What is Hire Purchase?

With a Hire Purchase agreement, you can obtain a new Car, Touring Caravan or Motorhome, without having to buy it outright. Whether you need to finance personal or commercial vehicles, you can have all the benefits of ownership without compromising your cash flow.

How does Hire Purchase Refinancing Work?

In the first instance, your lender buys the equipment outright on your behalf, saving you from upfront costs. You then repay manageable amounts over a period of time. Unlike with Leasing, at the end of the term, the vehicle is yours.

Refinancing your vehicle will involve a new lender taking over the ownership of the vehicle and your payments switching to this new lender.

The Benefits of Hire Purchase Refinancing

There are many benefits to refinancing hire purchases, which include:

• Payments are lowered, ensuring that cashflow pressure is reduced
• Flexiblibity as deposits and term lengths can be agreed to suit your needs
• Payments are fixed over an agreed period
• Your short and long-term needs can be managed a lot easier

How Broker4Cars Can Help With Hire Purchase Refinancing

Our specialist vehicle refinancing team can help you with your hire purchase refinancing requirements. Simply get in touch with our team and we will help you with the process to refinance a hire purchase with one of our lender partners.