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What is HP Car Finance (Hire Purchase)?
Hire purchase, commonly known as HP, is a financing option that allows individuals or businesses to acquire an asset and use it while making fixed monthly payments. Ownership of the asset is transferred to the buyer once the final payment is made.
How does it work?
Each monthly payment covers both the cost of the asset and the interest charged. Once all payments, including any final balloon payment if applicable, are completed, ownership of the asset is transferred to the individual. Optionally, there may be a purchase fee involved if the individual chooses to buy the asset at the end of the term.
Contract agreed
Gain control of car without ownership
All instalments paid
Ownership transferred to you
Pros and Cons
Gain control of car without buying outright
Fixed-rate funding making budgeting hire purchase easier
Total sum of payments for hire purchase is higher than the full payment of asset purchase
Costs can be incurred for admin, if required, such as change of asset address
How do I apply for HP Car Finance (Hire Purchase)?
Speak to our finance experts today via the form or give us call.
Call 03451 303030 and let's talk options!
PLUS ...You can also check our our handy instant car finance calculator to get a quick heads-up on the costs before we chat
Representative APR 14.9%
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Absolutely brilliant everyone was so helpful for me the communication was spot on everything went so smooth.
Mark Orrell
Kevin was amazing! He managed to sort my finance out for my new car extremely quick – within a couple of hours! He kept in contact with me throughout the whole process.
Shannon Frew
Daryl and Shane went above and beyond to help me finance my dream car. They worked tirelessly throughout the process and kept me well informed, and when a few extra demands were requested last minute, they really stepped up and helped push it over the line..
Kelv D
