Hire Purchase (HP)

HP is a traditional finance agreement with the option to own the car at the end of the contract.

How Does a HP Finance Agreement Work?

HP is most comparable to a bank loan and enables you to repay the balance on a flexible term with no mileage restrictions. At the end of the agreement you own the vehicle but may need to pay the 'option to purchase fee' depending on the brand.

What are the benefits?

  • Fixed monthly payments
  • Can add greater deposit
  • Tailored repayment period
  • No mileage restrictions
  • Borrowing secured against the car
  • You can add a greater deposit
  • You can settle any time
  • Fixed interest rate