What is it?
Hire Purchase is one of the most common motor finance products in the market. HP allows you to use the car while paying for it, at the end of the agreement you take ownership. The car is the security for the agreement. You will have an option to own the car at the end of the agreement term for an additional sum called the Option to Purchase Fee.
Advantages of Hire Purchase:
- Agreements are simply structured, normally up to a maximum of 5 years.
- Flexible deposits and periods are set to meet a customerís budget.
- Documentation completion relatively simple and mostly organised by supplier.
- Payments are fixed to allow you to accurately budget your finances.