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HP Car Finance

Thinkinh about Hire Purchase? Heres what you need to know

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What is Hire Purchase?

Hire Purchase is a straightforward way to spread the cost of your new or used car over a period of 1 to 4 years with the added benefit of full ownership once the agreement ends. 

If owning the car at the end of your finance term is important to you, HP is a great choice for you. You will pay an initial deposit followed by fixed monthly payments, making it easier for you to budget. Once you have pai the final payment, the car is officially yours. 

While HP agreements can involve higher monthly payments and a larger deposit compared to other finance options, there are no large final payments at the end - meaning you have a peace of mind without any surprises. 

Browse our range of used cars below.

When do I become the legal owner of my car?

When you purchase a car using HP, you won't officially own the vehicle until you pay the final payment. Until then, the finance company remains the legal owner. However, you will be the registered keeper, which means you are responsible for insuring, taxing and maintaining the car throughout the agreement. 

HP agreements are secured against the vehicle, they tend to carry lower risk for lenders. This often makes HP a more accessible options for customers who may find it difficult to get approved for other types of car finance.

Why Choose Hire Purchase for your next car?

A popular choice for used car finance, Hire Purchase offers a range of benefits:

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Puts you in charge of your budget

Allowing you to spread the cost over an agreed time, this is a budget-friendly approach to owning a new car
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Built-in flexibility if you change your mind

Once you have repaid at least half of the total amount owed, you can terminate the agreement and return the car
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Settle your balance whenever it suits you

At any time during your agreement, you can pay off the entire loan without any extra fees