Hire Purchase (HP) lets you spread the cost of your vehicle, plus any interest and the option to purchase fee at the end, by paying fixed monthly repayments over 12 to 60 months to suit your budget. No minimum deposit is required, so you can choose to either finance the vehicle entirely, or put down a deposit to reduce the monthly payments.
When you have paid off the finance agreement, and settled the option to purchase fee, the vehicle becomes yours.
Good for you, if:
✔ you want the option to pay a deposit (but don’t have to)
✔ you like equal repayments, which can be spread over 12 to 60 months to suit your budget
✔ you don’t want any mileage restrictions
✔ you want the option to pay off the full agreement early
✔ you want to own the vehicle at the end
Remember:
- Finance is subject to affordability checks and is only available to UK residents aged 18 and over.
- If you don't keep up with your repayments, the vehicle may be repossessed.
- You don’t own the vehicle until you’ve fully repaid the finance and the option to purchase fee at the end.
