This allows you to spread payments over a specific period. The interest rate is fixed at the beginning of the agreement so you enjoy protection against interest rate rises during the period and accurately manage and budget your finances. The monthly payment is determined by the amount of deposit paid and the period of the contract.
Lease Purchase is sometimes referred to as Hire Purchase with a balloon. This is a much more flexible option with the advantage of a low deposit and reduced monthly payments. This is possible because a balloon payment (also known as the Residual or RV) is deferred until the end of the agreement.
Please feel free to talk to us about the options we can offer.