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What is Lease Purchase (LP)
A Lease Purchase is a similar agreement to other financing options, a deposit is made and then monthly payments until the end of the contract. At the end of the contract you make a payment and take ownership of the car.
If you're looking to drive a vehicle but don't wish to take ownership then please visit one of our other financing options, such as Personal Contract Hire. It may be in the best interests of some people to make a full comparison of other options - as a Lease Purchase plan is purely financial and does not include several services that others do, such as maintenance.
- Term - the term of the LP is up to you although usually repayment periods take place over 2-4 years. It's essential to research and compare the new car's Lease Purchase options to get the best deal.
- Deposit - you will be asked to pay an initial deposit. Deposits on a new car's LP are usually between 10 and 50 percent of the vehicles total price. Once again, it is extremely important to compare the new car's Lease Purchase options to ensure you get the best value for money, as paying a larger deposit will decrease your monthly payments.
How it works
Lease Purchase is structured in the same way as many other financing options; it has a deposit and you make monthly payments - however at the end of the contract there is no option to transfer ownership of the vehicle back to the company that leased you the car.
You are liable for the full value of the car and after a final payment is made it becomes yours.
This can be an extremely beneficial contract to enter if you've took the time to compare your new car's LP options and chosen the perfect plan for you.
The monthly payments are not subject to VAT, and the car is registered in the name of the company or customer. The monthly payment price can be lowered in several ways, such as financing over a longer period or paying a higher deposit at the beginning of the contract.
It is an ideal option for non-VAT companies or individuals that are looking to acquire ownership at the end of the contract.