Buying a used Volvo with hire purchase (HP) car finance

Volvo, a Swedish automotive manufacturer renowned for its commitment to safety, innovation, and Scandinavian design, offers a range of vehicles known for their durability and advanced features.

At AutoMoney Motor Finance we can help you secure HP car finance on a used Volvo within minutes.

What’s more we can complete your deal the same day, so you can drive home with your chosen Volvo model straight away.

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Representative example

You could borrow £10,000 over 60 months with an initial payment of £490.66 (including £199 Admin Fee) followed by 58 monthly payments of £291.66 with a final payment of £490.66 (including optional £199 Option to Purchase Fee).

Total amount repayable will be £17,897.60.

29.3% APR, annual interest rate (fixed) 24.7%.

This example uses the representative APR. This is the rate at least 51% of customers are expected to get.

Lending is subject to status and additional affordability checks. Rates quoted are subject to change and will depend on lending amount and personal circumstances.

Contents

Want to know more about buying a used Volvo?

If you’re considering purchasing a used Volvo, here’s a detailed look at what you should know about its strengths and weaknesses:

Strengths of Volvo

  1. Safety Innovation: Volvo has a long-standing reputation for prioritising safety in its vehicles. Many models come equipped with advanced safety features, including Volvo's IntelliSafe suite, which incorporates technologies like collision avoidance, pedestrian detection, and lane-keeping assistance.
  2. Durability and Reliability: Volvo vehicles are known for their durability and long lifespan. They are built with high-quality materials and undergo rigorous testing to ensure they can withstand various driving conditions and environments.
  3. Comfortable and Refined Interiors: Volvo interiors are crafted with premium materials and offer a comfortable and refined driving experience. The cabins are designed with attention to detail, providing ample space, supportive seating, and intuitive controls.
  4. Innovative Technology: Volvo integrates cutting-edge technology into its vehicles, including advanced infotainment systems, driver assistance features, and connectivity options. Features like Volvo's Sensus touchscreen interface and Pilot Assist semi-autonomous driving system enhance convenience and safety.
  5. Efficient Powertrains: Volvo offers a range of powertrains, including efficient petrol, diesel, hybrid, and fully electric options. Models like the Volvo XC60 Recharge and XC90 Recharge provide excellent fuel economy and reduced environmental impact.
  6. All-Wheel Drive Capability: Many Volvo models come equipped with all-wheel drive (AWD), providing enhanced traction and stability, particularly in challenging weather conditions. This makes Volvo vehicles suitable for various driving environments.

Weaknesses of Volvo

  1. Higher Ownership Costs: Volvo vehicles may have higher ownership costs compared to some competitors, including maintenance, repairs, and insurance. However, the long-term durability and safety features can offset these costs for many buyers.
  2. Limited Performance Options: While Volvo vehicles prioritise safety and comfort, they may not offer the same level of performance and sportiness as some competitors. Enthusiasts seeking high-performance driving dynamics may prefer other brands.
  3. Depreciation: Volvo vehicles may experience faster depreciation compared to some luxury brands. However, this can present an opportunity for used car buyers to find well-equipped models at a more affordable price.
  4. Complexity of Technology: While Volvo's advanced technology enhances safety and convenience, it may also lead to complexity and potential reliability issues. Buyers should familiarise themselves with the features and ensure proper maintenance to prevent issues.
  5. Styling Subjectivity: Volvo's design language may not appeal to all buyers, as aesthetics are subjective. Some may find Volvo's design approach conservative compared to more avant-garde brands.

Tips for buying a used Volvo

  • Research Specific Models: Popular models like the XC60, XC90, S60, and V60 each have unique characteristics. Research specific model years for any common issues or recalls to ensure you make an informed decision.
  • Check Service History: Ensure the vehicle has a comprehensive service history, preferably by authorised Volvo service centres. Regular maintenance is essential to ensure the vehicle's reliability and longevity.
  • Inspect for Wear and Tear: Look for signs of wear and tear, especially on high-mileage models. Pay close attention to the condition of the interior, electronics, and suspension components.
  • Consider Certified Pre-Owned: Buying a dealership-certified pre-owned Volvo offers benefits like extended warranties and rigorous inspections, providing added peace of mind.
  • Evaluate Running Costs: Factor in potential running costs, including insurance, road tax, and fuel consumption, to ensure the car fits within your budget. While Volvos generally have reasonable running costs, it's essential to consider maintenance expenses, especially for older models.

Overall, a used Volvo can offer a safe, comfortable, and technologically advanced driving experience, with premium features and Scandinavian design. By doing thorough research and inspections, you can find a high-quality used Volvo that meets your needs and provides lasting satisfaction.

Buying a used Volvo with HP car finance

One of the ways to buy a used Volvo, if you do not have enough money to pay for it in full straight away, is to use Hire Purchase car finance (HP car finance).

This is where you ‘hire’ the Volvo from us, spreading the cost of the car over monthly payments to us. These payments contribute towards you ‘purchasing’ (buying) the Volvo from us at the end of the term of the borrowing, when you also pay a one-off “option-to-purchase” fee.

At this point you own the Volvo completely and our contract comes to an end.

The pros and cons of HP car finance

Borrowing money to buy anything comes with risks, as well as rewards.

Buying a used Volvo could be the right choice for you and an ideal solution to the practical challenges of getting about day to day. However, whilst a used car can be significantly cheaper than its brand new alternative, it still involves spending a lot of money.

When you borrow money, you need to make sure you can keep up with payments comfortably. You will have other bills to pay and necessary things to buy, so you don’t want to find that the payments on your Volvo are leaving you short of money each month.

There are also other considerations when buying a used car and below we share the pros and cons, to help you decide if applying for HP car finance is right for you.

The pros

  • Drive away in a Volvo today: with HP car finance you can get a Volvo, even if you don’t have all the money for it right now.
  • Spread the cost of owning your Volvo: cars are expensive, but are often an essential part of daily life. When you buy your Volvo with HP car finance, you can pay for it gradually over time.
  • Manage your finances: HP car finance comes with a clear payment plan. You can easily compare what your finances will look like each month by taking away the money your Volvo will cost you, alongside your other bills and costs, from your income to make sure it is affordable for you.
  • Decide how much you can afford each month: if you find the Volvo you are looking at is too expensive per month, you can look at other options, with lower monthly costs.
  • Choose a term that suits you: you can repay over 3-5 years, which will impact the monthly cost to suit your monthly finances. Borrowing for longer reduces the monthly cost, but be aware it may increase the total amount you repay.
  • Own your Volvo at the end of the term: If you keep up with your monthly payments, and can afford the “option-to-purchase” fee, you will own your Volvo at the end of the term of your agreement.

The cons

  • Delayed ownership: You won't own the car until the final payment is made. Missing payments could result in your Volvo being repossessed.
  • Depreciation: Used cars can lose value quickly. You might end up paying more than the Volvo is worth over time.
  • Higher total cost: The total amount paid, including interest and fees, will be much higher than the Volvo’s purchase price.
  • Insurance requirements: Comprehensive insurance is required, which can be more costly.
  • Credit impact: Missing payments can negatively affect your credit score, making future borrowing more difficult.
  • Repossession risk: Failure to make payments can lead to the car being repossessed, possibly leaving you with outstanding debt.

Please make sure you read and understand your hire purchase agreement, maintain your car and ensure you can afford the payments before committing.

Why get HP car finance with AutoMoney Motor Finance?

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  • Get a finance decision within minutes

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  • Complete the same day

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Ready to apply?

We hope you found the information on this page useful. If you are now ready to apply for HP car finance with us, we’d be pleased to help.

Get started with an application using our online form:

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Representative example

You could borrow £10,000 over 60 months with an initial payment of £490.66 (including £199 Admin Fee) followed by 58 monthly payments of £291.66 with a final payment of £490.66 (including optional £199 Option to Purchase Fee).

Total amount repayable will be £17,897.60.

29.3% APR, annual interest rate (fixed) 24.7%.

This example uses the representative APR. This is the rate at least 51% of customers are expected to get.

Lending is subject to status and additional affordability checks. Rates quoted are subject to change and will depend on lending amount and personal circumstances.

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