Lease Purchase (LP) is a type of car finance agreement where you can defer some of the total cost to the end of the agreement, called a balloon payment. Unlike with a Personal Contract Purchase agreement, you have to pay the balloon payment at the end of a Lease Purchase finance package.
Available for all credit ratings
Monthly payments are fixed
Can defer up to 31% of the payment to end of the finance agreement
Balloon payment must be paid at the end
Balloon payment based on residual value
No VAT on payments
Own the car at the end of agreement