What is Fiat Hire Purchase?
Fiat Hire Purchase (HP) in the UK is a popular finance option for buying a new or used Fiat car, including the Fiat 500. Hire Purchase allows you to spread the value of the car over an agreed period by paying fixed monthly payments, with an initial deposit paid in advance. You become the owner of the Fiat after paying all the dues.
As an alternative, you can also take out a personal loan. Your possible expenses:
Personal loan calculations for 1 year (example)
| Amount, $ | Rate, % | Accrued %, $ |
| 5,000 | 7.40% | 200 |
| 5,000 | 8.40% | 228 |
| 5,000 | 9.40% | 255 |
| 10,000 | 9.50% | 515 |
| 10,000 | 10.50% | 569 |
| 10,000 | 11.50% | 623 |
| 20,000 | 11.60% | 1,257 |
| 20,000 | 12.60% | 1,365 |
| 20,000 | 13.60% | 1,473 |
| 25,000 | 13.70% | 1,855 |
| 25,000 | 14.70% | 1,991 |
| 25,000 | 15.70% | 2,126 |
What are advantages of Fiat Hire Purchase?
- Simple ownership. There is no big final payment compared to PCP. The car automatically becomes yours after making the last payment
- Fixed monthly payments during the entire term of the loan, this makes budget planning easier
- Flexible conditions. Fiat Hire Purchase allows you to independently choose the duration of the personal contract and the amount of the deposit, depending on your financial capabilities
- No mileage restrictions. If you drive a lot, don't worry about mileage limits. Hire Purchase contracts have no mileage restrictions
- You can repay the loan ahead of time if you wish, but some companies may charge commissions for this
