One of the most common forms of used vehicle finance, Hire Purchase (HP) finance means that you’ll effectively ‘hire’ the vehicle from the finance lender for a designated period of time. The lender will provide you with a loan against the value of the vehicle, so you won’t actually own it until you’ve paid the final instalment.
The benefits of HP Finance are:
- Flexible payment options over 1 to 5 years
- 0% deposit may be available (subject to status)
- Deposit can be made in cash, from a part-exchange, or both
- Fixed Interest Rate
- You own the car after final payment