The product we use is called Hire Purchase ('HP'). It is one of the most popular ways of financing cars as you pay off the balance in monthly instalments at a fixed rate of interest. The credit is secured against the car being purchased and you will own the vehicle once all monthly payments and an Option to Purchase fee has been paid in full.
The car belongs to the finance company until you pay your final payment. If you don't keep up your repayments your car will be at risk of being repossessed. HP is not suitable if you are planning to pay off your loan within a short period of time.