What happens at the end of the agreement?
The length of your agreement can be between 24 and 48 months and you have three options when it ends:
You can hand the car back to the lender
The car needs to be in good condition and within the agreed maximum mileage or you may need to pay additional charges. Most lenders will pick up the car but it’s worth checking the terms of your finance agreement.
You can change the car for another one If the actual market value of the car is higher than what the lender predicted, you can put the difference towards a new agreement, subject to your financial status.
You can buy the car At the end of the agreement there will be a 'balloon' or 'optional final payment'. This is the predicted value of what the car will be worth and is also the final amount you’ll need to pay if you want to own the car. If you decide to make this payment, including any purchase fees, you’ll then own the car.