Telephone: 01709 515444

Finance with Car Motion in Rotherham, South Yorkshire

What is Hire Purchase?

Hire purchase is a simple form of car finance. Either by using a cash deposit, your existing car as a deposit or even no deposit.

You pay for the car in fixed monthly instalments over a pre-agreed contract - from 12 to 60 months - during which time you have full use of the car. Once the contract is complete, you own your car outright.

Here at Carmotion we work with many trusted, industry leading, multi-award winning finance partners who specialise in providing highly competitive vehicle finance packages. We can tailor a finance agreement for you regardless of whether you are a private, individual or a business-user.

Financing the purchase of your new car can be arranged quickly and easily with our in-house team of Finance Specialists using a panel of lenders such as Black Horse Motor Finance, MotorNova and many more, with very competitive rates. The application process is simple and a decision can be given almost instantly regardless of your credit history.

 

Hire Purchase with Carmotion

When you choose hire purchase through us, you get a simple, hassle-free way to fund your car purchase in affordable instalments, knowing it's yours to keep at the end of the contract. Here are just a few of the reasons customers choose us:

  • Simple application process
  • Deposits from £0
  • £1,500 minimum amount financed
  • Periods from 12 months to 60 months
  • Fixed rate of interest
  • Fixed payments for the duration of the loan

We work with many, industry leading, multi-award winning finance partners whi specialise in providing highly competitive vehicle finance packages.

Our lenders will let you spread the cost over up to five years, with a pre-agreed interest rate that's fixed for the duration of the agreement. We work with a variety of lenders, and we can also offer options for people who've had credit problems in the past.

Our hand-picked cars are all quality-checked by specialists, so you can be reassured you're getting the very best motors on the market. We check our prices against the market every day to make sure we're offering the best value.

What's more, our friendly staff are trained to give you simple, honest advice. They don't work on commission, so their only motive is to find the very best cars and deals for you and your budget.

We think our customers are happiest when they've had the time and space they need to make their own decision - and from the feedback we get, they agree!

FAQs about Hire Purchase 

In most cases we can pay off your existing finance and put a new agreement in place on a new car. Please call one of our specialists

No, normally a hire purchase agreement can't be transferred to another person.

Yes, in most cases if you want to repay your loan early, you can. You may be entitled to a rebate against part of the interest owed for doing this.

If you're unable to make payments, the car may eventually be repossessed by the lender. However, the lender should contact you first and give you the option to repay the arrears over time.

While you're still making repayments, the car belongs to the lender so it can't be sold by you. However, once you've made your last payment you're free to sell it if you want to.

Yes, we work with many different lenders and some of them can offer deals for customers with a bad credit history. Our credit check tool can help you find out if you're likely to be accepted for finance.

How quick can I get a car?

Most of the time you can get your loan approved and collect your car on the same day. Our vehicles come complete with a full Experian history check, extensive mechanical checks and warranty.

Can you use a vehicle in part exchange?

If you have a part exchange, we'll be happy to give you a free no obligation value and getting finance won't be dependent on this if you choose to later sell the vehicle yourself.

 


 

Negative equity and outstanding finance: Your options

Well, no you don't. If you settle your loan early you may be entitled to a rebate of interest, so your settlement figure may be less than the sum of the remaining payments.

We can settle any outstanding balance on your current finance agreement and then use any remaining credit from your part exchange as deposit for your new car. But what if you owe more on finance than your car is worth?

Negative equity is when you owe more on your current finance agreement than your car is worth. As an example, you may have a car that is worth £4,000 but your settlement figure is £6,000, so you have £2,000 negative equity.

All cars decrease in value, known as depreciation, and sometimes this can occur faster than you're repaying your finance agreement. This can happen during the first few months of ownership of your new car, especially if you've borrowed a large percentage of the cash price of your car, paid a high interest rate, or carried negative equity in to your finance agreement from a previous agreement.

As long as you can afford the repayments then you shouldn't worry about negative equity. If your loan was specifically for the purchase of your car then payments will either be structured to pay off your debt over the course of the loan, or, if they have a balloon payment at the end, should be set less than the guaranteed minimum future value.

However, if you find that you need to change your car whilst you still have negative equity then there are still options available to you.

Negative equity can be resolved. Please speak to one of our customer advisors or send you details here and we will call to discuss your options.

Using our calculator below you can roughly value your part exchange along with entering your settlement, any deposit you have, the monthly payment you can afford and the period you want to repay the loan over. From there we can show you what cars fit your budget.
Car Motion - Used cars in Rotherham
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