Lease Purchase

Lease Purchase or LP, also known as Balloon HP is a fantastic alternative to buying outright, as it provides customers an affordable way to pay for a car over a longer period of time. While Lease Purchase has many similarities with Hire Purchase, this form of finance has a significant difference. This comes in the form that the monthly payments are, on average much lower, with a final "balloon payment" which needs to be settled at the end of the contractual agreement to purchase the vehicle in full.

At the end of the Lease Purchase agreement you have a number of options including the vehicle purchase, re-finance, part-exchange or resale. You pay an initial deposit, typically between 5–40% of the vehicle price and the deferred balloon element is calculated on the estimated future value of the vehicle. Lease Purchase runs over an agreed period, usually between 1–4 years, plus a final balloon payment.

Unlike PCP, there is no return option at the end of the Lease Purchase agreement, so the balloon payment must be paid for, either in cash or via a second finance agreement.

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Just some of the many benefits of Lease Purchase:

  • Fixed rates – both your interest and your repayments will remain fixed throughout your contract
  • Flexibility – you can settle your contract at any time by paying it all off
  • VAT free – don’t worry about being forced to make monthly VAT payments
  • Lower monthly payments – can help you choose a vehicle which is an upgrade on your current model

As trained specialists in car finance, Saxton 4×4 are able to provide a service seeing that all the details of your deal are taken care of for you. Rely on us to handle all the paperwork, as you sit back and enjoy your new vehicle.

Interested in driving away with a prestige vehicle or premium used 4×4 in the coming weeks? Make the most of our fantastic lease purchase offer today. You won’t be disappointed with the incredible amount you can save.

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