WHY DORSIA FINANCE
Hire Purchase Possibilities Not Available Through Other Lenders
At Dorsia Finance, we specialise in prestige car finance and provide competitive Hire Purchase (HP) finance options for your dream luxury, sports or classic car.
With 11 years of experience, superb industry insight and backed by the support of independent financial experts, we are well-placed to give you the best advice for your individual needs.
We pride ourselves on delivering a tailored, discreet and proactive experience. With a business built on referrals, we’re confident we’re doing things right for our clients.
Save Time
As a broker, we can you
What’s more, we have access to specialist lenders that aren’t available to the general public.
Save Money
Through 11 years of experience we have developed relationships with lenders in order to be able to negotiate the most competitive rates for our clients.
Save Effort
Our dedicated team provides hands on attention to detail with each finance application.
Is Hire Purchase (HP) Right For You?
If you want to own your car at the end of the finance term, with no yearly mileage restrictions whilst paying off the finance, then HP is right for you.
HP is one of the simplest ways of financing a car. You pay an upfront deposit (usually 10% or higher) and then pay off the remaining balance in regular monthly instalments. The monthly instalments are fixed based on the agreed interest and the length of the agreement. You own the car only once you have paid all the monthly instalments. You can choose the length of the agreement, with the most common agreement term being two to four years.
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Advantages:
- Straight-forward finance option and easy to apply
- Own the car once the finance is paid off
- fixed interest rate and monthly payments
- No annual mileage restrictions
How Does It Work?
Being a broker, we have made the process quicker and easier than if you were to search the market yourself.
Get a personalised quote in three simple steps. Once you have sent us your application, it is picked up by one of our team members. Then, through our network of lenders, we will access better rates than what is available on the high street.
The result is you get the perfect finance deal for the classic car you’ve got your eyes on.
Frequently Asked Questions
What is Hire Purchase (HP) car finance?
A type of financing option that allows you to purchase a vehicle by making regular monthly payments over a fixed period. The ownership of the car is transferred to you once you make the final payment.
Can I use the car while paying off the agreement?
Yes, you can use the car while paying off the hire purchase agreement. However, the car remains the property of the finance company until the final payment is made.
Can I pay off the hire purchase agreement early?
Yes, you can usually pay off the agreement early, but there might be an early repayment fee. Some finance agreements also have clauses that allow you to make extra payments without penalties.
Is a down payment required for hire purchase?
Yes, a down payment (deposit) is typically required for hire purchase. It’s a percentage of the car’s value and can vary depending on the lender and your creditworthiness.
Can I modify the car during the hire purchase period?
Modifications to the car might be allowed, but you usually need to get permission from the finance company. Some modifications could affect the car’s value, which is why they might have restrictions.
How does Hire Purchase work?
You agree to pay a deposit upfront (usually around 10-20% of the car’s value) and then make fixed monthly payments over a predetermined period (typically 1 to 5 years). Once you’ve completed all payments, you’ll own the car outright.
What happens if I miss a payment?
Missing a payment could result in late fees and impact your credit score. If you consistently miss payments, the finance company could repossess the car. It’s important to communicate with the finance provider if you’re facing financial difficulties.
What’s the difference between hire purchase and personal contract purchase (PCP)?
Hire purchase involves paying off the car’s full value in instalments and owning it at the end. PCP allows you to pay lower monthly payments by deferring a portion of the car’s value as a balloon payment at the end. You can then choose to either make the balloon payment and own the car or trade it in for a new one.
Are there any mileage restrictions with hire purchase?
Unlike some other finance options, hire purchase doesn’t usually come with mileage restrictions. You’re free to drive the car as much as you want without penalties.
How does hire purchase affect my credit score?
Hire purchase agreements are reported to credit bureaus, so making timely payments can have a positive impact on your credit score. However, missing payments or defaulting on the agreement could negatively affect your credit.
GET A QUOTE
9.7% Representative APR
DORSIA FINANCE IS A CREDIT BROKER AND NOT A LENDER.
We have a network of over 40 finance lenders and, as such, have access to funds and finance options designed to purchase luxury, sports and classic cars. Whilst we prefer you buy through a dealer, we can often support you through a private purchase where required.
Our experienced, professional staff can swiftly arrange the most suitable finance option to meet your needs.
We deal with various financial institutions to give our customers more competitive options. For your protection, we are authorised and regulated by the Financial Conduct Authority to sell consumer credit.
If you want to finance an asset for your business, try our asset finance calculator.