Great service! Financed three cars for me now and always very quick, professional and look at each car/deal on its own merit. Particular shout-out to Alex who is excellent!
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.
Alex Baldwin of Magnitude Finance has organised multi business loans for different scenarios. He is always efficient, professional and offers the most competitive solutions. I highly recommend Magnitude Finance.
ELEVENS out of 10! Alex and the team were fantastic from day one in putting me in my dream car, good communicator and competitive on rates would definitely recommend and use again
Five star experience dealing with Magnitude as expected, in particular Tom Hunt who made the process seamless and smooth. Merry Christmas Tom, and best wishes for the new year.