Why Choose Hire Purchase?
At AMI, we like making our customers lives easier. Our HP contract is designed to shelter your cash flow throughout the purchase of a vehicle. Have the car you want right away by paying as little as a 10% deposit.
Hire purchase is ideal for individuals or non-VAT registered companies that require ownership of the vehicle at the end of the term.
What is Hire Purchase?
Pay an initial deposit and then a series of monthly payments until the end of the contract. At the end of the contract, the customer takes ownership of the vehicle.
It is purely a finance package and does not include maintenance or other added-value services.
The customer is liable for the full value of the vehicle and has no option to return it at the end of the agreement. To lower the monthly payment, a balloon agreement can be arranged. The customer is liable for this value and will take ownership on payment.
What is a balloon payment?
A balloon (residual) payment is the sum of the money that has been deferred throughout your contract; you can pay less each month by agreeing to pay the sum owed upon the contract’s expiry.