Daytona Asset Finance
Hire Purchase
A straightforward route to owning your car, with an initial deposit followed by regular instalments.
A clear route to ownership
Enjoy the car now. Own it at the end.
Hire purchase spreads the cost of a car over an agreed period. You pay any required deposit, followed by monthly instalments that repay the balance and interest. Once every payment and any option-to-purchase fee have been paid, ownership transfers to you.
For drivers who intend to keep their car, standard hire purchase offers a straightforward structure without a large balloon payment at the end. Daytona can help you explore the available agreements and understand how the figures fit your plans.
Plan your payments
Fixed instalments on a fixed-rate agreement help you budget for the term.
Build towards ownership
Repay the vehicle cost throughout the agreement, rather than deferring a large final balance.
Choose with confidence
Consider the deposit, monthly cost and total payable together before deciding.
From first conversation to final payment
How your agreement comes together.
1. Tell us about the car
Share the vehicle you have in mind, your budget and how long you expect to keep it. Whether you have found the right car or are still exploring, this gives the team a starting point for discussing funding.
2. Review the numbers
The lender determines the available deposit, term and rate, subject to its assessment. A larger deposit reduces the amount borrowed. A longer term may lower monthly payments but increase the overall interest cost.
3. Drive and repay
You use the car while making the agreed payments. The lender remains its legal owner during the agreement; you are responsible for insurance, servicing and maintenance.
4. Complete the purchase
After the balance and applicable fees are settled, the car becomes yours to keep or sell.
Choosing the right structure
Is hire purchase right for you?
Think about what matters most: owning the car, keeping monthly commitments manageable or changing vehicles at the end of a term. Standard HP repays the whole financed balance, so monthly payments can be higher than an agreement that defers a substantial amount.
If you are considering a balloon payment, explore Lease Purchase or Personal Contract Purchase. Their end-of-term obligations differ; Daytona can talk you through the distinctions.
Check the APR, total amount payable and all fees, alongside the monthly payment. Finance is subject to status and lender approval. Missing payments can affect your credit record and put the vehicle at risk of repossession.
Hire purchase questions.
How much deposit will I need?
Requirements vary by lender, vehicle and application. Ask Daytona to confirm the available terms rather than assuming a particular percentage applies.
Can I settle early?
Ask your lender for a settlement figure. This confirms the amount needed to close the agreement and any applicable charges.
Can I sell the car during the agreement?
You cannot sell a car that still belongs to the lender without its permission. The outstanding finance must be addressed before ownership can transfer.
What if my circumstances change?
Contact your lender promptly if repayments become difficult. Discuss the support available before missing a payment.
Let's talk cars
Tell us what you have in mind.
Found your next car? Considering your options? Share a few details and start a conversation with Daytona.