BALLOON HIRE PURCHASE
It works just like a normal hire purchase except there is a larger mandatory ‘balloon’ payment deferred to the end of the agreement. Although the future value of your car isn’t guaranteed, this combined with the final balloon payment allows you to enjoy low monthly payments during the agreement term.
Simply choose your Jaguar and decide how long you want your agreement term to be between 12 and 48 months. Then choose the amount of the balloon payment that you will defer to the end of the agreement (subject to a maximum set by Jaguar Financial Services). The balloon payment and any deposit are deducted from the price of your car. You make regular payments based on the remaining balance plus the interest on the balance and balloon payment. At the end of the agreement, once the balloon payment is settled, you will be the proud owner of your Jaguar.
Balloon Hire Purchase
- No mileage restrictions
- Your regular payments are reduced because the balloon payment is deferred to the end of the agreement
- You own your Jaguar at the end of the agreement
Additional business customer benefits:
- Interest charges may be allowable against tax
- A proportion of the car’s value can be written down against profits because it is an asset on your balance sheet (CO2 based)
WHAT HAPPENS AT THE END OF MY AGREEMENT?
- Pay the deferred Final Payment and Option to Purchase Fee for title of the vehicle to be transferred into your name
- Part exchange the vehicle subject to settlement of your existing finance agreement; new finance agreements are subject to status.
WHAT ELSE DO I NEED TO KNOW?
- You like to drive the newest model
- You want to keep your monthly payments lower
- You don’t want to be subject to excess mileage charges
- Introducing a deferred Final Payment enables you to reduce your monthly payment
- Options at the end of the contract to pay the Final Payment and Option to Purchase Fee and take the title to vehicle or part exchange, subject to settlement of the existing finance (new finance subject to status)
- A proportion of the credit is deferred until the end of the contract so you should prepare for this
- You must have fully comprehensive insurance Your vehicle is at risk of repossession if you do not maintain contractual repayments
- You do not take title to the vehicle until the Final Payment and Option to Purchase Fee has been made
TERMS AND CONDITIONS
Business customers: Tax relief may be available for interest and other costs depending on your own particular circumstances. Please seek professional advice.
Credit is subject to status and only available to UK residents 18 plus only. Credit is provided by Black Horse Limited trading as Jaguar Financial Services, St William House, Tresillian Terrace, Cardiff CF10 5BH.