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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
The vehicle can be repossessed if payments are not kept up to date
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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I was very impressed with the speed and efficiency of Holmesdale finance. They came back to me within 30 mins with a very competitive quote on numbers and actually helped advise on the best way to structure the deal.
Gavin Arber
This is the second time Andrew has helped me to secure finance for a vehicle. His experience and advice is invaluable (and he has the perfect voice for radio). You can’t go wrong with Holmesdale Finance!
Alamin Ahmed
Amazing experience from start to finish. Daryl was extremely thorough with the options available to us and ended up providing us an extremely competitive rate. Top service and would highly recommend.
Syed Ali
