Absolutely fantastic service from start to finish, most notably James. Got me a great deal on my refinance and the entire process was smooth sailing. Couldn't be happier
From PCP & Hire Purchase to bespoke funding packages
We offer a range of car finance products to meet your individual requirements.
Our concierge service, coupled with over 30 years experience, and a panel of over 20 lenders enables us to create a finance package to suit each individual client’s needs.
To begin your journey with Magnitude Finance explore our range of products below, or enter your details into our unique car finance calculator for an instant, accurate no-obligation finance example.
What is Hire Purchase?
A Hire Purchase agreement allows you to pay for your vehicle monthly over a fixed period (usually 2-5 years). The interest rate and monthly payments are fixed at the start of the agreement and the car becomes yours when you have made the final monthly payment. In effect, the vehicle is hired until you make your final monthly payment, after which you own it. Sometimes also referred to as a Lease Purchase, Hire Purchase agreements are also available with the option of a final balloon payment which further reduces the monthly payments
How does it work?
You make an initial deposit – normally 10-40% – and pay for the vehicle monthly until the end of the agreement, when you take ownership. The finance is secured on the vehicle – a bit like a mortgage.
What are the benefits of Hire Purchase?
- A simple way to finance a vehicle purchase
- Flexible deposit options at the start
- A choice of agreement length based on your own financial circumstances
- Fixed monthly repayments
Why choose Hire Purchase?
Hire Purchase is ideal if you intend to keep the car at the end of the agreement.
Things to consider
The finance company own the vehicle until you pay the ‘option to purchase’ fee at the end of the agreement – this means that you can’t modify or sell the vehicle during the lifetime of the agreement unless you pay it off first.
We’ve got lots of amazing resources to help you understand the world of prestige car finance
Our Car Finance Academy provides all the resources you will need to choose the right finance product and get the most out of your car finance agreement.
Car finance can be tricky to understand, so we help de-mistify it. Do you know the difference between a regulated and non-regulated agreement? What happens if you want to trade your car in before your finance is over? We’ve got the answers that some finance companies won’t want to give you…
Already have a Finance agreement in place?
Try our Car Finance settlement Calculator.
Our car finance settlement calculator will calculate the outstanding balance of any loan.
This formula assumes all payments are made on time and that you have an agreement regulated by the Consumer Credit Act. Please note that there may be additional settlement penalties for non-regulated agreements.
If you wish to settle any finance agreement early and you are a Magnitude customer please give us a call. If not, we recommend that you contact your existing finance provider for an exact figure.
Our concierge team love helping our customers finance their dream car. Get in touch with them to see how we can do the same for you.
Tom Hunt gave me exceptional service whilst going through the finance process, his communication was second to none. I would definitely recommend Magnitude for any future vehicle purchases.
Excellent first class service from Lou Julian. Everything was so streamlined, efficient and simple. Will definitely use their services again. Thank you!
James from Magnitude was fantastic from start to finish. Did a fantastic PCP deal, made the whole process very easy and kept in constant communication and I will definitely be going back to him for all my future cars and have recommended to friends and family.
Alex Baldwin has been great throughout and the process has been incredibly stress free. I started by using the online calculator, then Alex managed to adjust the numbers to suit me and we agreed on a plan. Roll on collection day!
I used Magnitude for the first time and was really impressed with Alex's service and manner - he's fantastic at what he does, and very patient!! Would highly recommend!