Hire Purchase (HP) allows you to spread the cost of your new or used Land Rover with fixed monthly payments. At the end of the agreement, you own your vehicle.
With Hire Purchase you can own your Land Rover at the end of the finance agreement. This plan is for you if you want to know exactly how much you have to pay each month, and if you have a deposit to put down and want to choose how much to pay.
Hire Purchase is, in essence, a hire agreement which gives the buyer an option to buy the car at the end of the agreement period. These contracts are normally established on a fixed contract basis, which means that APR (Annual Percentage Rate) is set before the contract begins and this approach is therefore helpful when budgeting. The term of the loan is also fixed – in most cases they run around three to four years – and the finance agreement is secured against the car being bought.
If you are the 'registered keeper' of the car you will also be responsible for insuring and maintaining it (and where relevant obtaining an MOT), but the finance company is the legal owner until the amount borrowed has been repaid in full.