What is Hire Purchase Car Finance? | HP Finance Explained

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href="https://news.motors.co.uk/these-are-the-best-vans-for-a-camper-conversion/">Best Used Vans For Camper Conversion</a></li> </ul> </li> <li class="page_item page-item-96536 page_item_has_children"><a href="https://news.motors.co.uk/best-cars/">All Best Cars</a> <ul class='children'> <li class="page_item page-item-96537"><a href="https://news.motors.co.uk/best-cars/">View All Best Car Articles</a></li> </ul> </li> </ul> </li> <li class="page_item page-item-93989"><a href="https://news.motors.co.uk/bms/">British Motor Show</a></li> </ul> </div> <div class="banner__menu__search"> <div class="search__form option-placeholder-articles option-search_rounded option-rounded option-highlight-primary option-button-Secondary option-filter option-button_text-ReadMore"> <h4 class="search__form__title">Search by Keyword</h4> <div class="search__form__outer"> <form id="searchform" method="get" action="https://news.motors.co.uk"> <input type="search" placeholder="Search articles..." name="s" id="s" autofocus value=""> <button type="submit" title="Search" aria-label="Search" class="option-tertiary"><i class="fas fa-search"></i> <span> <div class="button option-end-full option-primary"> Search</div> </span> </button> </form> </div> </div> </div> </div> </div> </div> </div> <div class="main-content option-align-left option-button_or_link-button layout-nobackground" > <div class="container"> <div class="text "> <p>Hire Purchase (HP) agreements are a popular car finance option for anyone looking to buy a used car.</p> <p>Whilst HP agreements are a relatively simple way to finance your next used car, it’s important you understand what’s involved in order to make sure it’s the right decision for you.</p> <p>So how does hire purchase work and what does it mean? In this article, we’ll take a closer look at this type of finance and what you can expect when taking out a hire purchase agreement.</p> <p> </p> <h2>What is HP car finance?</h2> <p>Hire Purchase agreements are a type of car finance that allow you to spread the cost when purchasing a vehicle.</p> <p>HP car finance agreements can be used on both new and <a href="https://www.motors.co.uk/used-cars/" target="_blank" rel="noopener noreferrer" data-gc-link="https://www.motors.co.uk/used-cars/">used cars</a>, giving you a wide range of choices depending on your needs and preferences.</p> <p>Rather than paying the entire purchase price in a single lump sum, you’ll be required to pay a deposit followed by fixed monthly instalments over an agreed period of time.</p> <p>Once all the instalments have been paid, you will have the option to pay a small fee to transfer the ownership of the car from the finance company to yourself.</p> <p>Following this payment, you’ll then become the legal owner of the vehicle.</p> </div>  </div> </div> <div class="option-primary call-outs layout-nobackground option-rounded option-background_type-fill " > <div class="container"> <div title="" class="call-outs-content option-primary"> <div class="call-outs-content-text"> <h3> </h3> <h2><span style="color: #ffffff;">How does Hire Purchase work?</span></h2> <p><span style="color: #ffffff;">With Hire Purchase agreements, you’ll begin by paying an initial deposit. Most lenders usually require at least 10% of the vehicle’s value. However, if you can, paying a higher deposit will help to reduce the monthly payment amount.</span></p> <p><span style="color: #ffffff;">The remaining value of the car will then be paid off in monthly instalments, usually over 12 to 60 months. You will also be charged interest on top of these monthly payments. The amount will differ depending on your personal circumstances and the finance product you choose.</span></p> <p><span style="color: #ffffff;">As you approach the end of your payment term you will have the choice to pay an “option to purchase” fee to become the legal owner of the car. This is usually between £100 and £200 but it can differ depending on the finance product and some lenders charge much less.</span></p> </div> </div> </div> </div> <div class="main-content option-align-left option-button_or_link-button layout-nobackground" > <div class="container"> <div class="text "> <h2>HP finance calculator</h2> <p>Shopping around for the best deal can feel overwhelming, particularly when there are so many products available.</p> <p>At Motors, we’ve partnered with CarMoney to help you find the most suitable car finance for your needs. Use our <a href="https://www.motors.co.uk/car-finance-calculator/" target="_blank" rel="noopener noreferrer" data-gc-link="https://www.motors.co.uk/car-finance-calculator/">Car Finance Calculator</a> to search a panel of finance providers to find the right option for you.</p> <p> </p> <h2>What are the advantages of Hire Purchase?</h2> <h3>Spread the cost of your car purchase</h3> <p>One of the main advantages of HP finance is the flexibility to spread the cost of a vehicle rather than paying a lump sum upfront. Hire purchase agreements can be used on new and <a href="https://www.motors.co.uk/used-cars/" target="_blank" rel="noopener noreferrer" data-gc-link="https://www.motors.co.uk/used-cars/">used cars</a>, giving you a greater range of options at affordable prices.</p> <h3>Easy budgeting with fixed payments</h3> <p>With HP agreements, your monthly instalments are fixed so you will not experience fluctuations as bank interest rates rise, meaning you won’t be affected by any sudden price increases.</p> <h3>No mileage restrictions or balloon payments at the end of the contract</h3> <p>Unlike PCP, you will not be required to pay a balloon payment to become the car’s legal owner and you will not be limited by mileage restrictions or fines for damage not considered fair wear and tear.</p> <h3>Hire purchase can be used to purchase older vehicles</h3> <p>Because Hire Purchase agreements are not based on any future vehicle values, and they don’t have mileage limits, they can be used to finance the purchase of older vehicles that aren’t eligible for <a href="https://news.motors.co.uk/what-is-pcp-finance/">PCP finance</a>.</p> <p> </p> <h2>What are the disadvantages of Hire Purchase?</h2> <p>Like any financial product, failure to keep up with monthly payments could result in penalty fees or in worse cases, repossession.</p> <p>HP agreements are provided on a fixed-term basis and you must ensure that the amount you need to pay is achievable over the full term.</p> <p>Another disadvantage is that you’ll pay more by financing the car as payments will include interest charges. If you have a poor credit score, you might have to pay more in interest fees.</p> <p>Typically, HP instalments are higher than PCP instalments as they will be financing the whole amount of the car rather than paying the expected depreciation of the vehicle. If you have no intention of owning the car at the end of the agreement, <a href="https://news.motors.co.uk/what-is-pcp-finance/">PCP finance</a> might be a better option for you.</p> </div>  </div> </div> <div class="heading layout-nobackground option-titleside-center" > <div class="container"> <div class="heading__inner"> <div class="heading__inner__title"> <h2>FAQs</h2> </div> </div> </div> </div> <div class="accordion layout-nobackground option-style-plus option-border option-captions " > <div class="container"> <div class="dropdown"> <div class="dropdown__top"> <h3>Can you pay off an HP agreement early?</h3> </div> <div class="dropdown__btm"> <div class="dropdown__btm__inner"> <p>It is possible to pay off a Hire Purchase agreement early, however, you will likely encounter some early repayment fees.</p> <p>This amount will vary depending on the financial lender but it is usually equivalent to a couple of months’ worth of interest.</p> </div> </div> </div> <div class="dropdown"> <div class="dropdown__top"> <h3>Do you need good credit to get HP finance?</h3> </div> <div class="dropdown__btm"> <div class="dropdown__btm__inner"> <p>Hire Purchase can be a good option for those with poor credit scores. This is because the amount you borrow is secured against the car itself rather than basing it off your credit score.</p> <p>Whilst a low credit score might not stop you from getting a hire purchase agreement, you might expect the interest rate to be higher.</p> </div> </div> </div> <div class="dropdown"> <div class="dropdown__top"> <h3>Do you own the car after HP finance?</h3> </div> <div class="dropdown__btm"> <div class="dropdown__btm__inner"> <p>Once you have paid off the final instalment and the “option to purchase” fee, you will become the legal owner of the car. The car is then either yours to sell or keep.</p> </div> </div> </div> <div class="dropdown"> <div class="dropdown__top"> <h3>Does Hire Purchase improve credit score?</h3> </div> <div class="dropdown__btm"> <div class="dropdown__btm__inner"> <p>It sounds counterintuitive but having a HP agreement can have a positive effect on your credit score, providing you are successful in making the payments on time.</p> <p>However, delayed or failed payments will harm your credit score and this could reduce the likelihood of securing financial products in the future.</p> </div> </div> </div> <div class="dropdown"> <div class="dropdown__top"> <h3>What's the difference between used car HP and PCP?</h3> </div> <div class="dropdown__btm"> <div class="dropdown__btm__inner"> <p>With HP finance you will borrow the entire value of your car minus the deposit. With PCP, you only borrow a portion of the total amount as you will be expected to pay a balloon payment at the end of your agreement if you wish to keep the car.</p> <p>For this reason, HP monthly payments are usually higher than PCP payments. HP agreements usually don’t involve fines for wear and tear or a mileage limit as it is likely you’ll become the legal owner of the car at the end of the agreement.</p> </div> </div> </div> <div class="dropdown"> <div class="dropdown__top"> <h3>Where can I get HP finance from?</h3> </div> <div class="dropdown__btm"> <div class="dropdown__btm__inner"> <p>Looking for HP finance quotes is easy and you can find various products online or when you visit a dealership. At Motors.co.uk we’ve partnered with CarMoney to help you find the most suitable car finance agreement. Use our <a href="https://www.motors.co.uk/car-finance-calculator/" target="_blank" rel="noopener noreferrer" data-gc-link="https://www.motors.co.uk/car-finance-calculator/">Car Finance Calculator</a> to get a quote today.</p> </div> </div> </div> </div> </div> <div class="banner layout-imagebackground layout-reset option-height-25 option-bgopacity_type-text option-background option-plain option-height-25 option-bgopacity_type-text option-background option-plain"> <div class="banner__slides option-type-image option-- option-image_side-right option-virtual-middle option-horizontal-centre option-width-100 option-titleimage_smallheader option-padding-normal option-bgopacity_type-text option-bgopacity_color- option-background"> <div class="banner__slides__slide"> <div class="banner__slides__outer"> <div class="banner__slides__inner "> <div class="banner__slides__inner__content"> <div class="banner__slides__inner__block"> <div class="banner__slides__inner__block__content"> <div class="banner__title"> <h2> Compare Hire Purchase finance deals </h2> </div> <div class="banner__text"> <p>At Motors.co.uk, we’ve partnered with CarMoney to make finding a finance deal easy. Use our <a href="https://www.motors.co.uk/car-finance-calculator/" target="_blank" rel="noopener noreferrer" data-gc-link="https://www.motors.co.uk/car-finance-calculator/"><span style="text-decoration: underline;"><strong>Car Finance Calculator</strong></span></a> to search a panel of finance providers to find the right option for you.</p> <p>You can also search thousands of history-checked <span style="text-decoration: underline;"><strong><a href="https://www.motors.co.uk/used-cars/" data-gc-link="https://www.motors.co.uk/used-cars/">used cars for sale</a></strong></span> from reputable dealers on our website.</p> </div> </div> </div> </div> <div class="banner__slides__inner__image"> <img src="https://news.motors.co.uk/wp-content/uploads/2022/12/Buying-a-car-from-a-dealership-1024x719.jpg"> </div> </div> </div> </div> </div> </div> <div class="main-content option-align-left option-button_or_link-button layout-nobackground" > <div class="container"> <div class="text "> <h2>Related Articles and Advice</h2> </div>  </div> </div> <div class="posts found posts--slick option-container option-large_gap option-titletext option-button option-button_text-Readmore option-button_type-arrow option-button_primary option-button_invert option-category_location-image_inside option-image_height-65 option-date_prepend-Published option-slick_arrows option-categorytag_empty option-scrollbar option-cards_shadow layout-nobackground option-show-3" data-display="3" data-postspage="8" > <div class="posts__outer"> <div class="posts__links__outer"> <div class="posts__links"> <a href="https://news.motors.co.uk/what-is-pcp-finance/" class="posts__links__link"> <div class="posts__links__outerlink"> <div class="posts__links__image"> <div class="background " style="background-image: url('https://news.motors.co.uk/wp-content/uploads/2023/07/people-in-car-dealership-aspect-ratio-21-9.jpg');"> </div> </div> <div class="posts__links__inner"> <div class="posts__links__title"> <h3>What is PCP Car Finance?</h3> </div> <div class="posts__links__text"> <p>If you’re looking to purchase a used car, you might be considering a Personal Contract Purchase finance agreement as a method of payment. 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I am Laura Weston and I’m here to answer all of your questions on ‘Car Finance plans’.</p> </div> <div class="posts__links__button"> <div class="arrow option-style-1"> <div>Read more</div> </div> </div> </div> </div> </a> </div> <div class="container"> <div class="scrollbar"> <div class="handle"> </div> </div> </div> </div> </div> </div> </div> <div class="container layout-background"> <div class="author-footer"> <div class="author-footer-new-inner"> <img src="https://news.motors.co.uk/wp-content/uploads/2024/03/Steven_Edwards_motors.png" /> <div class="author-footer-new-meta"> <div class="author-footer-new-meta-wrapper"> <div class="author-footer-new-meta-name"> Steve Edwards </div> <div class="author-footer-new-meta-socials"> <a href="https://twitter.com/writingsteven"><i class="fa-fw fab fa-twitter"></i></a><a href="https://www.instagram.com/steveecars"><i class="fa-fw fab fa-instagram"></i></a> </div> </div> <div class="author-footer-new-meta-bio"> A certified car nerd who has been creating car content since 2015, Steve is much happier talking about used cars under £15,000 than the latest hypercar. 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