HP Finance
Hire Purchase - Own your vehicle at the end of your agreement with straightforward monthly payments
How HP Works
Hire Purchase (HP) is a straightforward finance option that allows you to spread the cost of your vehicle. You'll make fixed monthly payments and own the vehicle once all payments are complete.
Pay a Deposit
Start with a deposit (typically 10-20% of the vehicle value). A larger deposit means lower monthly payments and less interest to pay.
Fixed Monthly Payments
Make fixed monthly payments over 2-5 years. These payments cover the full vehicle value (minus your deposit) plus interest.
Own Your Vehicle
Once you've made all your payments, you automatically own the vehicle. There's no final balloon payment - it's yours from day one of the final payment.
Ownership Guaranteed
You're guaranteed to own the vehicle at the end of your agreement. No final payment, no decisions to make - it's yours.
No Mileage Restrictions
Drive as much as you want - there are no mileage limits with Hire Purchase, making it perfect for high-mileage drivers.
Simple & Transparent
Straightforward monthly payments with no hidden fees. You know exactly what you'll pay from the start.
Calculate Your HP Finance
Get an instant estimate of your monthly HP payments
Once all payments are complete, you automatically own the vehicle. No final payment required.
This is an indicative quote only. Final terms are subject to status and credit approval.
Why Choose HP Finance?
Guaranteed Ownership
You're guaranteed to own the vehicle at the end of your agreement. No final payment, no decisions to make - it's yours once all payments are complete.
No Mileage Restrictions
Drive as much as you want - there are no mileage limits with Hire Purchase, making it perfect for high-mileage drivers or those who travel frequently.
Simple & Transparent
Straightforward monthly payments with no hidden fees. You know exactly what you'll pay from the start, with no surprises at the end.
Fixed Interest Rate
Your interest rate is fixed for the entire term, so you know exactly what you'll pay each month. No variable rates or unexpected changes.
Flexible Deposits
From 0% deposit options available. A larger deposit will reduce your monthly payments and the total amount of interest you pay.
No Final Payment
Unlike PCP, there's no large final balloon payment to worry about. Once you've made all your monthly payments, the vehicle is yours.
HP vs PCP: Which is Right for You?
Hire Purchase (HP)
- You own the car at the end
- No mileage restrictions
- No final balloon payment
- Simple and straightforward
- Higher monthly payments than PCP
Personal Contract Purchase (PCP)
- Lower monthly payments
- Flexibility at the end
- Option to return, buy, or upgrade
- Mileage restrictions apply
- Final balloon payment required to own
HP Finance FAQs
Do I own the vehicle with HP finance?
Yes! With Hire Purchase, you're guaranteed to own the vehicle once you've made all your monthly payments. There's no final balloon payment - once the last payment is made, the vehicle is yours.
Are there mileage restrictions with HP?
No, there are no mileage restrictions with Hire Purchase. You can drive as much as you want without worrying about excess mileage charges. This makes HP perfect for high-mileage drivers.
Can I pay off my HP early?
Yes, you can settle your HP agreement early. You'll receive a settlement figure which may include an early settlement fee, though this is often waived or reduced. Early settlement means you'll own the vehicle sooner and pay less interest overall.
What's the difference between HP and PCP?
The main differences are: Ownership - With HP, you own the car at the end. With PCP, you have options. Monthly payments - HP payments are typically higher than PCP. Mileage - HP has no restrictions, PCP has mileage limits. Final payment - HP has no final payment, PCP has a balloon payment if you want to own the car.
Is HP right for me?
HP is ideal if you: Want to own your car at the end of the agreement, Drive high mileage and don't want restrictions, Prefer straightforward, simple finance, Don't mind higher monthly payments, Plan to keep the car long-term.
Ready to Get Started?
Speak to our finance experts today to find the perfect HP deal for you