Honda Hire Purchase

Important Information to Consider

In order to decide if Hire Purchase is right for you, there are some aspects of Hire Purchase that you should consider to make an informed choice:

• The finance agreement includes no mileage restrictions
• The Total Amount Payable (overall cost) is typically lower than Personal Contract Purchase agreements over the same term
• Within 14 days from the start of your HP agreement, you have the right to withdraw from it.
• Subject to the terms of your agreement, you can partially or fully settle your agreement.

For the following reasons, Hire Purchase may not be the right finance product for you:

• Compared to Personal Contract Purchase, there is no deferred payment amount – also known as the Guaranteed Future Value (GFV). You may pay more per month.
• Because there is no GFV, you have less protection against depreciation than a Personal Contract Purchase.
• Until all regular payments and the option to purchase fee is paid, you will not own the car outright.
• To keep monthly payments down, you may need to choose to a longer agreement term.