Are you looking for a good deal with Lotus Finance?
At one time, not so long ago really, Lotus finance for the purchase of a new car was very complicated and the process often involved contacting your bank arranging an appointment with the bank manager to discuss one option a bank loan. The loan would come with crippling interest rates which would leave you paying for your new car over many years with the final overall cost nearly doubling the value of the car.
However, nowadays there are lots of companies around that can offer you a competitive solution to financing your new Lotus car. They offer a variety of options which are tailor made for each client however which one is best for you. In this article we will look at some of the best deals currently available for your budget. We reviewed hire purchase and contract hire options for Lotus finance so that you can make an informed decision on what is the best deal for you.
Hire Purchase vs Contract Hire for Lotus finance.
So what’s the difference between choosing hire purchase or contract hire for your Lotus finance? With Hire Purchase you own the Lotus however with Contract Hire the company owns the car. Most companies will accept a hire purchase contract for a new or used Lotus however the car will need to be less than a stated age by the end of the contract. Conversely contract hire agreements tend to be only for brand new cars with no previous owners.
Many ask whether they will own the vehicle at the end of the agreement. We found that with contract hire you will not own the vehicle however with hire purchase you will own it. One of the benefits of the contract hire option is that services and general maintenance can be built into the monthly payments which makes it easier to budget. To bring down the cost of monthly payments hire purchase contracts have an option which will allow you to pay a lump sum at the end of the contract. Although this seems like an attractive option don’t forget the owing amount is then borrowed over a longer term hence you will find that you will be paying a higher final total.