What are the benefits of Hire Purchase (HP)?
Hire purchase is another way saying ‘loaned until it’s paid for’. You agree a price for the car and a period over which to pay it off. The biggest benefit with hire purchase (HP) is that once you've made your last payment, legal ownership transfers into your name and the car is yours to keep, sell or part-ex.
There are no mileage limits, so if you’re a high-mileage driver this can work out cheaper than a PCP deal.
Fixed repayments
At the beginning of the agreement, both the amount you pay every month and the repayment period is fixed and will not change, which makes it great for simple budgeting.
What happens if interest rates go up?
Even if interest rates go up, the interest rate on your finance repayments will not be affected.
Flexible payments terms
Choose any period from 12 months to 60 months to suit your budget. You work out what you want to pay each month and we’ll work out how many months to repay it over to get you into your ideal car.
Ultimate ownership
Once you have made all the repayments, the car is yours to keep. So you can keep driving, or trade it in for another finance deal.