What is HP Finance?

At Forza Finance once your finance has been approved your advisor will collaborate with the selected dealership and the funds will be transferred in time for the collection of your new vehicle.

• Pick the finance option that best suits you. The most common finance types for cars are either Hire Purchase, Lease Purchase or Personal Contract Purchase, but there are many more finance products. Contact our team to discuss the best options available to you.
• Pick where to find the finance product. Either through dealers, banks or online comparison tools, you can get an overall view of the repayments and interest rates you might incur. At Forza Finance we have an exclusive panel of partner lenders through which we compare hundreds of finance deals to find you the lowest possible rates.
• Progress through your car finance application. A simple process that requires a bit of information about you, at Forza you can complete a finance application form online to get a decision in seconds.

The most common car finance solutions are: Hire Purchase (HP): you will need an initial deposit; you agree to return the vehicle price in monthly instalments at a certain rate of interest, usually over 1-5 years. At the end of the HP agreement, you own the vehicle.

Personal Contract Purchase (PCP): your monthly payments are likely to be lower; when the agreement ends, usually after between 1-4 years, you can choose if you would rather hand the car back, make a final payment and take full ownership of it or part-exchange the vehicle for another.

Lease Purchase (LP): also known as balloon payment finance, you will pay an initial deposit. It works similarly to PCP, however, there is no return option at the end of the agreement, so you will have to pay a deferred balloon element.

Personal loan: you won't need a deposit. You take ownership of the vehicle from the outset, your repayments can span from 1 to 5 years.

Getting accepted for car finance is not a guarantee, but there are plenty of ways you can ensure you have the best chances of getting approved. Starting with providing the most up-to-date and correct information throughout your application process. Research your own credit score and financial details, and the lending criteria of your finance company to ensure whether or not you are eligible for the finance option you want.

With Forza Finance we aim to be as fast as possible. Typically it can take one to two business days to check the documents and financial information you provided before coming back to you with a decision regarding your application for car finance.

If your application outcome is a rejection, an acceptance with conditions or a request for further information, then the process of getting approved for car finance will take longer.

You will need to supply personal information such as proof of identity, a valid driver’s licence, proof of address, bank details, employment history. You can then expect a credit check and a financial assessment.