Balloon Hire Purchase
Similar to the conventional Hire Purchase option, with one key difference – there is a larger “balloon” payment deferred to the end of the agreement. This reduces the fixed regular payments.
However, unlike Personal Contract Purchase, the final balloon payment is not optional and the future value of your vehicle is not guaranteed.
How it works
1. Simply choose the vehicle you wish to purchase and decide your agreement term of between 12 and 48 months.
2. Then choose the amount of the balloon payment that you will defer to the end of the agreement (subject to a maximum set by FCA Automotive Services).
3. The balloon payment and any deposit are deducted from the price of your vehicle. You make regular payments based on the remaining balance plus the agreement interest.
4. At the end of the agreement, following the settlement of the balloon payment, you will own your vehicle outright.
The features you can benefit from by choosing Balloon Hire Purchase:
- Helps you budget with fixed monthly payments
- Choose your deposit and agreement term to suit your needs
- Your monthly payments are reduced because the balloon payment is deferred to the end of the agreement
- You own your vehicle at the end of the agreement once you have paid the final balloon payment