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Hire Purchase

Hire Purchase is normally the first port of call and the most popular method for people who are looking to acquire a new vehicle.

If you’re looking to take full ownership of a business vehicle, then this is likely the perfect solution. Upon completion of the contract, the title will pass to the owner who is responsible for any depreciation as well as disposal at the end of the contract.

It is also more affordable than simply buying the car outright, as you can agree to pay in instalments agreed between you and the lender. However, you cannot attempt to sell or dispose of the vehicle without the lender’s permission before finishing all the payments.

Businesses will often follow this route when they intend to keep the vehicle for a long period of time or for specialist conversions. A mix between a loan and a lease, you agree with the dealer to pay a deposit of anywhere between 10% and 50% before using the monthly instalments to pay off the rest. 

In essence, the lender buys the vehicle and gives you permission to use it while you make payments. Once all the payments have been made, the car belongs to you. 

Want to know more? Click here and we'll get back to you. 

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Alternative Route Finance Ltd is authorised and regulated by the Finance Conduct Authority for consumer credit activities and insurance mediation (Firm Reference Number 674315). You can check this on the FCA Register by visiting or by contacting the FCA direct on 0300 500 8082. Alternative Route Finance Ltd is a Credit Broker not a Lender., and are trading names of Alternative Route Finance Limited, a company registered in England no. 3891807. Registered Office 11 North Street, Portslade, East Sussex, BN41 1DH. Vat Reg No. 768 6351 86. Data Protection Licence Z7368657

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