Different Ways to Purchase
Outright Purchase is the method of paying for a vehicle in full with one payment. Outright Purchase is a popular method of acquiring a vehicle as it means you will own the vehicle from the point of delivery. Making a cash purchase for your new vehicle means that you don’t have to worry about making monthly payments, or higher insurance costs and mileage restrictions. This however will mean that the risk of depreciation on the vehicle then lies in the hands of the buyer.
Hire Purchase is an increasingly popular way of financing a new vehicle. Customers put down an initial deposit and then make monthly payments for a fixed period – typically two or three years – at the end of which you become the legal owner of the vehicle. The more deposit you put down on a Hire Purchase deal, the lower your monthly payments are and vice-versa. With Hire Purchase it may also be possible to become the owner of the vehicle earlier than initially agreed by making a lump-sum payment for the remainder of the loan.
Lease Purchase is often used when you are seeking to own the vehicle in the long term whilst looking to minimise your monthly cost in the short-term. You benefit from lower monthly payments than Hire Purchase thanks to the option of deferring an agreed amount (balloon payment) to the end of your contract. Once the balloon payment has been settled, the vehicle is all yours.
Third Party Finance Provider
Leo SV Order Process
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