There are four very simple stages to HP:
- You will agree an amount you need to borrow to purchase your chosen used car from the Hendy Car & Van Store (less any deposit or part exchange).
- We will contact the motor finance company for you which, subject to credit checks, pay for the car for you.
- You will make fixed monthly payments to the motor finance company for the agreed term
- At the end of the agreed term, the car is yours.
The finance paperwork for HP will clearly state the cost of the car, the deposit you have made and the amount of interest you will be paying on the amount borrowed.
Please note, the car will be used as security for the loan, just as a house is for a mortgage.