Hire purchase loan information

It’s important you take the time to fully read your loan contract and understand these details of a Zopa hire purchase loan:

You only own the car once you have made the final loan repayment.

Under this hire purchase agreement, Zopa owns the vehicle until you make the final repayment. By making the final repayment, you are exercising your right to purchase the vehicle. Until this happens you’re just the registered keeper.

This means that you must:
  • Not sell, lease, hire or give away the vehicle.
  • Keep the vehicle comprehensively insured.
  • Keep the vehicle in good condition and ensure it is serviced in accordance with the manufacturer’s handbook.
  • Not use the vehicle for deliveries.
  • Carefully read your credit agreement (when e-signing) and comply with the additional restrictions that it will detail.
You can withdraw from the loan agreement within 14 days of signing (starting the day after you sign), as long as you pay back the loan amount.

This is a right to withdraw from this agreement (but not the agreement to buy the vehicle) within 14 days period. This starts on the day after the day on which you sign this agreement. You can withdraw orally by calling 020 7580 6060 or by emailing contactus@zopa.com.

If you choose to withdraw, you must pay Zopa the loan amount (including interest) within 30 days of informing us. The right of withdrawal is from the financial agreement only, and not the purchase of the vehicle. If you wish to return the vehicle, you’ll need to arrange this with the dealer.

You have the right to withdraw from this agreement under Section 66A of the CCA. This is a right to withdraw from this agreement (but not the agreement to buy the Vehicle) within a short period of time after you have entered into this agreement without giving us any reason.

If you withdraw from this agreement, you must repay the amount of credit without delay and no later than 30 days after you told us you wanted to withdraw. You can pay the amount of credit and interest by calling us on 020 7580 6060.

You have the right to voluntarily terminate the loan agreement once you’ve paid back half the total amount repayable.

Once you have paid back at least half the total amount repayable, and if you have taken good care of the vehicle, you are able to return the vehicle to Zopa and not have to pay any more. You have the right at any time to repay early in full or in part any amount owed under the credit agreement.

If you miss repayments, Zopa may be entitled to repossess the vehicle.

Not only will Zopa report missed payments to credit reference agencies, but we may be entitled to repossess the vehicle. If you have made repayments of at least one third of the total amount repayable, we will need a court order before repossessing the vehicle.

There may also be fees payable and other repercussions of not paying on time, so it is important you read your contract carefully before you sign it.