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Motor finance

We provide specialist motor and car finance through dealers and brokers only.

Offering both hire and lease purchase loans, our finance packages are both competitive and flexible. And our Customer Support Team are always on hand to give you the help and support you need, whether you’re a new or existing customer.

Motor finance customer

Looking to get in touch?

Our dealers and brokers

We only work with reputable car dealers and brokers. And everyone we have a relationship with goes through a comprehensive registration process before being appointed to our panel. We then work closely with them to make sure our standards are maintained and that you receive a fair and competitive finance package from us which meets your needs.

Our specialist motor finance loans

We offer both hire and lease purchase loans through car dealers and brokers. Your broker will provide you with the information you need and explain our finance agreement to you.

However, to support you, we’ve provided a summary of our loan types for you below.

Hire Purchase (HP) Lease Purchase (LP)

What is Hire Purchase (HP)?

Under a hire purchase (HP) agreement you are effectively, hiring the vehicle from us. You only own it when all payments, including an ‘option to purchase’ fee has been made.

A HP agreement includes:

  • Fixed monthly payments, known as your contractual or normal monthly payment, set over a number of months of your choosing or determined by the vehicles age
  • Payment periods of anything from 24 – 60 months
  • A fixed interest rate for the entire term
  • An initial deposit. This may be required but not in all circumstances

What is Lease Purchase (LP)?

A lease purchase (LP) agreement is a form of hire purchase agreement. As with hire purchase, you are effectively hiring the vehicle from us. You only own it when all payments, including an ‘option to purchase’ fee and ‘balloon payment’ have been made. It is this ‘balloon payment’ which makes it different to a standard hire purchase agreement.

What is a balloon payment? It’s a lump sum which is owed at the end of the agreement. It is determined at the beginning of the agreement and is based on the age of the car and forecast mileage.

A LP agreement includes:

  • An initial deposit may be required
  • Fixed monthly payments, know as your contractual or normal monthly payment, set over a number of months of your choosing or determined by the vehicles age
  • Payment periods of anything from 24 – 60 months
  • Fixed interest rates for the entire term
  • An initial deposit. This may be required but not in all circumstances
  • A balloon (lump sum) payment which you pay at the end of your agreement

Your loan with us

If you have a loan with us and are looking for some information or help and support, you may be able to find the answer in our FAQs.

Alternatively, we are always here to help. If you’d like to contact us about something specifically then please get in touch.

  • 0345 149 7770
  • Opening times: Mon 8.30am – 7.00pm | Tue 8.30am – 5.00pm | Wed 9.30am – 7.00pm | Thurs 8.30am – 5.00pm | Fri 8.30am – 5.00pm | Sat 9.00am – 1.00pm
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Help and support

We understand that life doesn’t always go according to plan. With the rising cost of living, we’re here to help and support you if you’re worried about your finances.

Find out more

Who are we?

We are specialists in motor finance. We’ve developed a simple product range available through car dealers and intermediaries. We can help you finance cars, light commercial vehicles, caravans and motorhomes through our hire and lease purchase loans.

We are regulated and authorised by the Financial Conduct Authority (FCA) and are members of the Finance and Leasing Association (FLA) and subscribe to the FLA Lending Code.

We are also ‘SAF approved’ which means we have voluntarily put all our customer facing staff, involved in providing motor finance information successfully through the SAF Expert test. For more information on SAF approved, please click here.

Paragon Bank PLC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Registered in England number 05390593. Registered office 51 Homer Road, Solihull, West Midlands B91 3QJ. Paragon Bank PLC is registered on the Financial Services Register under the firm reference number 604551