Alternatively, if Hire Purchase
is preferred, the deposit is lower at pounds 1,021 followed by 48 monthly payments of pounds 214 and a final payment of pounds 379 at the end of the agreement with an APR of 6.
The key difference between a personal loan and a hire purchase
agreement is that with hire purchase
you don't own the car.
Renault's zero per cent hire purchase
package is now available over three years with no deposit on all new cars, excluding the Twingo Freeway, Twingo Extreme, Clio Extreme and Clio Renaultsport.
schemes, over one to threeyears, are available to buy a new or used car, powered wheelchair or scooter.
John Chukwuemeka, prosecuting, said that in November, 2004, Brennan got a friend to take out a pounds 14,000 hire purchase
agreement for a BMW for him, promising to pay the payments.
Fabia Classic, Sport and vRS models are also available with zero per cent APR typical hire purchase
- over three years with a minimum deposit of 30 per cent.
He understood that the seller had bought it on hire purchase
and it was his intention not to honour the agreement.
For new cars, the average personal loan is pounds 9,900 while the average hire purchase
agreement is pounds 13,100 and the carmakers' finance or credit deal is pounds 10,700.
Car makers also offer hire purchase
or, with some makes, Personal Contract Purchase (PCPs).
All petrol models ( excluding the vRS ( are available with 0% APR typical hire purchase
( for three years and a minimum deposit of 30%.
The main difference between hire purchase
- which is often called finance - and a car loan, which you can also get through a garage, is that with hire purchase
, you do not own the car until you make the last payment.
Robert Whaley, by contrast, stayed out of trouble until he was 45 when he sold a hire purchase