There are four very simple stages to HP:
- You will agree an amount you need to borrow to purchase your chosen used vehicle 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 vehicle 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 vehicle is yours.
The finance paperwork for HP will clearly state the cost of the vehicle, the deposit you have made and the amount of interest you will be paying on the amount borrowed.
Please note, the vehicle will be used as security for the loan, just as a house is for a mortgage.