Hire Purchase (HP) is one of the most popular ways to finance a car. You pay a deposit (optional with many of our lenders), then fixed monthly payments over a term that suits you. Once the final payment is made, the car is yours to keep. Because payments are fixed, budgeting is simple and there are no surprises.
Best for
- Drivers who want to own their car at the end
- People who like fixed, predictable monthly payments
- Anyone wanting a no-deposit option
- Buyers who'll keep the car for the long term
Pros
- You own the car at the end
- Fixed payments make budgeting easy
- No mileage restrictions
- Often available with no deposit
Things to consider
- You don't own the car until the final payment
- Monthly payments are usually higher than PCP
- The car can be repossessed if you miss payments
How hire purchase works
Choose your amount
Pick how much to borrow and an optional deposit.
Fixed monthly payments
Pay the same amount each month across your chosen term.
Own it outright
Make your final payment and the car is 100% yours.