low cost motor finance

Contact Us:

Oxford Motor Village
Woodstock Road
Begbroke, Kidlington
Oxfordshire OX5 1RL

Telephone: 01865 371056

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Opening Hours:

Monday 08:00 - 17:30
Tuesday 08:00 - 17:30
Wednesday 08:00 - 17:30
Thursday 08:00 - 17:30
Friday 08:00 - 17:30
Saturday 08:00 - 17:30
Sunday By appointment

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Hire Purchase (HP)

Hire purchase is similar to buying the new car outright with a secured loan and paying it back monthly. Unlike contract hire or contract purchase, you must pay for the entire cost of the car. You will own it once you have paid all the monthly installments and a final nominal transfer fee.

Hire purchase has several advantages over a personal loan:

  • Hire purchase is cheaper than a ('unsecured') personal loan because the ownership of the car is retained by the finance company (ie; it is secured)
  • Deposits are lower than with personal loans
  • If you intend to own and retain the same car for more than 4 or 5 years, than hire purchase is cheaper over the long term than leasing because there are no further payments once you own it completely

Hire purchase is relatively quick as it is offered directly by most dealers and manufacturers and is agreed to more easily than personal loans.


Simple and easy to arrange

Hire Purchase agreements are simple and easy to arrange at Oxford Motor Village. They are convenient, on the spot, finance options which offer flexible repayments suited to the buyer. Interest is fixed so you have a fixed monthly payment. A deposit secures the vehicle and regular payments are made over a pre-agreed period, usually 12–60 months.

The advantages of Hire Purchase:

  • Low risk - A minimum future value is guaranteed
  • Control - you decide the deposit, you decide the term
  • Fixed monthly payment – makes budgeting simple
  • Flexibility - doesn't compromise your other lines of credit
  • Assets - you gain ownership of the car
  • Tax benefits - Tax allowances for business users

Business customers

Hire Purchase will be an attractive option for certain businesses who are not VAT registered and want their cars to appear as assets in their company accounts.

Please note:

You do not own the vehicle until the end of the contract, which means you cannot sell the vehicle at any time during your contract without the financier's approval.

The vehicle can be repossessed if you do not make your payments.

If you have paid a third or more of the vehicle's value, and dependent on the type of finance agreement, you can have additional legal rights and if you default on payments, the financier would have to obtain a court order to repossess the car.

Apply for finance

For a quotation, help, or advice please contact us on 01865 371056.