Hire purchase Car Finance

What is HP car finance?

Hire Purchase, often called HP, lets you spread the cost of a car through regular monthly instalments. When you use this finance option, the vehicle becomes yours to own outright once the final payment has been made.

One of the main advantages of Hire Purchase is that your monthly payments are fixed, giving you predictable costs and making it easier to budget without any surprises.

On the downside, you don’t officially own the car until the final payment is made. This means it’s important to keep up with all payments on time. Additionally, you cannot sell the car during the term of the agreement, as the loan is secured against the vehicle. Ownership—and the ability to sell—only transfers once all payments have been completed.