BVRLA Membership NO: 2008
Lease Purchase is another type of vehicle finance which is ideal for non VAT registered customers who eventually wish to take ownership
It is a flexible product and it is possible to put down a larger initial payment, which has the advantage of reducing the monthly payments. The monthly cost is worked out on the difference between the retail value and the depreciation value plus interest. This means that choosing Lease Purchase for a vehicle which holds its value will work out in your favour.
The main difference between Lease Purchase and Contract Purchase is that instead of having the choice at the end of the contract to purchase the vehicle, which you would have with Contract Purchase, you have already entered into a contract to purchase the vehicle at the end of the contract with Lease Purchase.
This contract is only for those who are absolutely sure that they want to take ownership of the vehicle at the end of the contractual period, and pay any balloon payments attached to the contract. Lease Purchase agreements typically last between 2 and 4 years although the agreement can be settled at any time throughout the contract.
* Prices correct at time of publication and are subject to change at any time. We can introduce you to a limited number of finance companies. You must be 18 or over to apply and finance is subject to status. Failure to maintain payments may result in termination of your agreement and the vehicle being returned. This could affect your credit rating and make it more difficult to obtain credit in the future. Prices are based on a contract hire product and you will not own the vehicle at the end of the contract. All vehicle images and car descriptions on this site are for illustration and reference purposes only and are not necessarily an accurate representation of the vehicle on offer.
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