Car Loans and
Bank Group offers a variety of auto
loans for new and used vehicles. If
you're looking for a car loan at a competitive
interest rate or the online tools and
services you need to learn about purchasing
or financing your car, NATIONAL BANK FOR INDUSTRIES
is here for you.
Purchase is a traditional and straightforward way to finance a new car
- Hire Purchase is simply a loan secured against the car
- There's no mileage contract
- It's ideal if you want to own the car at end of contract
Find out more below:
Hire Purchase (HP) is the traditional way to finance a car purchase.
You pay off the entire price of the vehicle through a series of monthly
payments. At the end of the contract period the vehicle becomes your
The monthly payment is determined by the amount of deposit paid, the period of the contract and the sale price of the vehicle.
HP is very similar to borrowing a sum of money from a bank and
paying it back over a fixed period of time, with interest. Hire
purchase is a type of secured loan which are often preferred over
alternative (unsecured) loans because they allow a greater borrowing
limit. The term "secured loan" means exactly that, a loan that the
lender can secure against an asset (in this case, a car).
WANT TO LOWER YOUR MONTHLY PAYMENTS?
- Consider financing the car over a longer contract period - perhaps a
60 month contract will make your car of choice more affordable.
- The amount of deposit you are able to put down will dramatically
effect your monthly payments. Higher deposit means lower payments.