Originally Posted by vickesh
Hi, just a quick question my car is on a hire purchase agreement and if I keep to the monthly installments it will take me another 2 years to pay off, but I I've worked out I'll be able to pay it off at the end of this year in one lump sum.
Is it just a case of calling the finance company and telling them that I want to pay it off and they just sort the paper work out? Just wanted to know the process involved of ending it early.
It all depends on the agreement. My dad purchased a car and paid the finance a week later with no additional costs, so that he got a better deal. Usually better deals are offered as they get the interest on top.
However some places will say no or work out the interest that you would have paid and add that on top.
Best thing to do is call them an hopefully you can pay it off with no addition costs