Hire Purchase | HP car finance definition

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Hire Purchase (HP) Car Finance

Seem by many as the traditional way of financing your next vehicle, Hire Purchase involves the buyer pays off the balance of the car through a series of agreed payments over an agreed period of time.

The vehicle becomes your property at the end of the contract period once the final payment has been made.

Working similarly to a traditional bank loan, the loan is secured against the value of the car. This allows generally a large credit limit to be agreed to cover the cost of the car once an initial deposit has been paid.

Benefits of using Hire Purchase Car Finance

  • Flexible repayment terms of between 1 and 5 years available
  • Low deposits can be available with Hire Purchase finance
  • Fixed rate of interest across the length of the finance term
  • Low rate finance deals available

Find out more about Hire Purchase (HP) Car Finance

Our team is on hand to answer any questions that you may have about Hire Purchase finance when looking to buy your next car. Call 0333 414 9750 to speak to a member of the team who can also answer questions about other finance options including Personal Contract Purchase.

Hire Purchase