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Lease Purchase (LP)
This is a flexible form of a purchase agreement for businesses and private individuals. The initial deposit and repayment periods will be structured to meet your requirements and monthly budget. A final one-off payment called a Balloon Payment is available if you would rather make lower repayments throughout the agreement. The Balloon Payment will be calculated by the lender based on the anticipated value of the car at the end of the agreement.
What happens next?
At the end of your agreement, you then have several options.
Pay the deferred final balloon payment, the title of the vehicle is then transferred into your name, and you become the legal owner.
Part-exchange the vehicle, this is subject to the settlement of the credit agreement.
Refinance the final balloon payment.
Sell the vehicle privately, this is subject to the balloon payment being paid in full.
Features & Benefits
• Flexible deposit and term
• No mileage restrictions, however, balloon payment is based on anticipated future mileage
• Ownership at end of agreement
• Monthly payments are not subject to VAT
• Ability to settle loan early