Hire Purchase Car Finance Explained
Simple, straightforward information will help you understand how Hire Purchase works
Hire Purchase car finance is a straightforward way to finance a new or used car.
The easiest way to understand how Hire Purchase car finance works is to go through the Hire Purchase car finance product from Volkswagen Financial Services.
How Hire Purchase Car Finance Works
With Volkswagen Financial Services Ireland Hire Purchase:
VWFS Ireland purchases your chosen car on your behalf
You pay a deposit as a percentage of the purchase price
You agree to pay equal monthly payments over an agreed term – between 1 and 5 years
Once all payments are made you become the owner of the car.
The main features of Hire Purchase Car Finance
Finance new and used cars
Choice of longer payment terms of up to five years
Fixed interest rate for the duration of your agreement
Predictable cash flow based on fixed interest rate and monthly payments
Flexible terms - any monthly interval between one and five years
Available for new and used cars
You own the car after making the final payment.
Please note that this page describes the characteristics of Hire Purchase from Volkswagen Financial Services, terms from other providers may vary. For more details about VWFS including terms and conditions, visit VWFS.ie
Other ways to finance your car
Car finance for businesses
SMEs or larger companies can opt for a Non-Consumer Hire Purchase agreement with fixed instalments and no tax implications.
PCP Car Finance
PCP car finance is a Personal Contract Plan. This is available for both new and used cars. The reason this is a popular option is because it is typically a flexible 2-3 year car finance package that combines lower monthly payments with real flexibility.
