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.

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Speech Marks

Highly recommended Kevin Lee. My family are so happy with our purchase. 5 Stars for customer service and I certainly will recommend to family and friends. Keep up the amazing work Kevin. 🙂

Riz Razaq

Speech Marks

A fantastic helpful service from John. He walked me through the whole process and went beyond the call of duty to make sure everything was all in place as I was traveling a great distance to purchase my car on finance.

Graham Bell

Speech Marks

First rate service. Andrew was fantastic from the outset. Great communications and tenacious at finding the right deal to suit my budget.

Rick Shouler

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