Car Finance with Balloon Payments
Ready to buy your next car? Looking for a different finance option to the traditional Hire Purchase contract? Why not talk to us at Vendor Finance today about our balloon payment product. Offered through one of our leading lenders, this is a consumer hire purchase agreement consisting of 2, 3 or 4 year finance terms, followed by a final payment (balloon payment) payable solely by you to the dealer.
It is a PCP type product that offers you three different options at the end of the agreement:
- Keep the vehicle and pay the final balloon payment outstanding
- Keep the vehicle and refinance the final balloon payment, or
- Trade in your vehicle and use the equity to buy again
If you like the idea of lower monthly repayments, being able to drive a new or relatively new car, and/or the flexibility of changing to new makes or models at the end of your finance term without any fuss, then this type of finance option may be what you need. Some advantages are as follows:
- Accessible deposits
- Affordable monthly repayments
- Acceptable final payment
- No wear & tear or excess mileage clauses
- Avoidance of higher service & maintenance costs linked with older cars
- Building up your credit history while repaying the loan
Balloon Loan Guidelines.
- Car must not be more than 18 months old
- Typical customer deposit required ranges from 16% – 25% of the price of the car
- Term of loan must be 2, 3 or 4 years
- Car must be purchased from lender approved dealer
This type of car finance does not suit all people. Depending on your loan preferences and business or personal circumstances, it may not be an option for you. Be sure to give our Car Finance department a call, where a member of our team will be more than happy to discuss this option with you, or alternatively, complete the short contact form below and we will call you.
Our application process is simple and user friendly. Simply click on the Car Finance tab above, choose the ‘Apply for Finance’ option & complete our short online application form and be well on your finance journey, the Vendor Finance way. Alternatively, if you would like some help in getting started, have any initial queries, or simply wish to give us your details over the phone, then please do not hesitate to call us directly on (071) 931 0137 or complete the short enquiry form below and a member of our team will call you back.
Our nationwide service means that wherever you are in Ireland, we have an expert representative who can meet with you to facilitate your finance request and ultimately, the signing of your finance agreement.