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    Hire purchase (HP) is a simple way to purchase a new car and is available to almost all customers with a good or bad credit rating. It’s especially good for customers who want to keep their car long term.



    Buying a car on hire purchase may require a deposit of around 10% of the list price although sometimes the deposit is optional. Some dealers offer special promotions on models that are nearing the end of their production life, and often sell these cars without needing a deposit. Other dealers may offer a deposit contribution to enhance the deal. Unlike PCP deals, once all contracted payments have been made, you own the car outright with no final lump sum to pay at the end.

    Monthly payments are usually lower on a HP deal than that of an unsecured personal loan as the loan is secured against the car. This means the vehicle is used as collateral to cover the cost of missed payments. It is therefore important to make payments on time as the car could be repossessed.

    The hire purchase agreement can be set to run over different monthly payment terms with repayment options ranging from 1 to 5 years. Unlike PCP deals, once all contracted payments have been made, you own the car outright with no balloon payment at the end.