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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
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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
Just driven home my new Mercedes SLK and I’ve over the moon with it and is all thanks to Kevin at Holmesdale Finance. His customer service has been flawless throughout, checking quotes for me throughout my car search.
Fielding Lawson
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
