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Cheap Hire Purchase with Balloon Car Finance

Hire purchase with a balloon offers greater flexibility than normal hire purchase. Its almost exactly the same in set up except for the balloon payment at the end. When purchasing a new vehicle a pre-agreed balloon figure is settled on bringing down your monthly payments. However when the contract is almost up, the final payment will be the balloon which is the deferred finance amount. At this point your options include car purchase, refinance, part exchange or resale.

In a typical agreement, you choose the amount of deposit to pay, usually 10-50% of the new vehicles cost. The difference between this and the agreed balloon, plus the fixed interest, is repaid over a fixed term (12-60 months). At the end of the term you can make the final balloon payment, and own the car.

Benefits

Benefits of Hire Purchase with Balloon Payment

Low deposit - keeps valuable personal or business cash available.

Lower fixed monthly payments - perfect for budgeting.

A better car - lower payments can help you choose a higher specification car.

Flexibility - doesn't compromise your other lines of credit.

Assets - you gain ownership of the car.

Tax benefits - Tax allowances for business users.

VAT free - no VAT on payments.

Great Value Car Finance

Why use Cheap.co.uk?

Some competitive finance packages from a wide range of sources.

Products identical to those provided by a dealership but tailered to your requirements.

A quick financial approval time, usually around two to three hours.

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