Details (Please Check): You bought the car outright without the need for any finance or lease agreements. You bought the car using (or partially using) a loan or standard hire purchase agreement. At the end of the finance term the car is yours outright. You bought the car on a contract agreement whereby you have a monthly payment for an agreed period (usually 36 or 48 months) and at the end of the agreement, you have the choice to purchase the vehicle for a predefined 'balloon' payment amount, or hand the car back to the garage at no further cost to yourself. You pay a monthly lease for the vehicle for an agreed period and then hand the car back at the end of the term.