Hire purchase is typically referred to as financing your vehicle, meaning you get drive your car while paying it off. This can be particularly useful if don’t the have cash to buy the vehicle up front. This can be made even better if taking advantage of our brands low finance rate offers.
When financing your vehicle there can be set-up and accounting fees to pay alongside your deposit (if you are putting one in). Your deposit may also just be the vehicle you are currently driving that is being traded in. Things like accessories, service plans and on-road costs will also need to be covered in your deposit.
Getting approval: before we both sign on the dotted line we’ll need to ensure or look at the following:
- You can afford the agreed repayment schedule (weekly or monthly payments etc.) - We are responsible lenders
- The agreement meets both of our requirements
- Your personal/business credit history and whether your owe money to other lenders
- You are over the age of 18 and have a restricted or full NZ drivers licence, and have 2 forms of NZ id available
For a more in-depth look at hire purchase we recommend reading through this page from Consumer Protection NZ here.