Own your car outright with affordable monthly payments – find out the benefits of HP car finance today!
Hire Purchase—or HP—is a way to finance your vehicle and guarantee ownership at the end of the agreement. This makes a Hire Purchase agreement a solid choice for anyone who wants total ownership without having to pay the full cost upfront. And it only takes a few simple steps:
With HP, you’re not simply renting the car, and every instalment you make will go towards outright ownership.
Hire Purchase (HP) financing may seem similar to other financing types, including PCP financing. However, HP car finance comes with many tempting benefits unique to its type.
At the end of your finance agreement, you’ll own your car outright. That’s not the case with, say, a PCP agreement.
We work with lenders who strive to meet borrowers’ needs. That means everything from initial deposits to loan term lengths are fluid and negotiable.
As a HP agreement spreads the cost of the car equally over the term, your last instalment will be no bigger than your other payments.
Some car finance options come with mileage limits which you can’t exceed. With most Hire Purchase contracts, this isn’t the case. If you’re a regular driver who covers large distances, this is the option for you!
Although charges may apply, many HP finance providers allow you to clear your loan early. This can save you hundreds on interest payments.
With HP, you spread the entire cost of the car over equal monthly instalments. If you want to pay less each month, check out our PCP financing option. PCP offers lower payments with the option of a final balloon payment at the end of the term if you want to buy the vehicle outright—no obligation. PCP is great if you want the flexibility to decide whether you want to buy at a later date.
Is bad credit getting in the way of buying a new car? With HP, you may find it hard to get good rates if you have poor credit. But don’t panic! Car financing is still an option. Consider a Guarantor finance agreement with CarFinanceToday. With this, a guarantor agrees to cover your payments should you fail to do so—giving you good rates despite your credit score!
With HP finance, you’ll usually have to pay a deposit (although this is flexible). If you can’t afford that right now, we work with trusted lenders who can arrange a No Deposit deal. Here, you make up for the deposit absence with higher monthly payments.
Upgrade to a newer motor with Negative Equity car finance. With this finance agreement type, the borrower rolls negative equity (when you owe more than the car’s worth) into a new finance agreement on a new car. We work with reputable lenders to agree solid terms within your means!
Whatever your need and whatever your financial standing, we’re confident our network of trusted lenders will be able to secure an incredible car finance deal so you can drive away confident!
Calculate your monthly payments quickly and easily with our handy car finance calculator!
Head of Content and Conversion
There are many misconceptions about HP finance among car owners. But as you’ll see, Hire Purchase car finance is actually a fantastic option for many. Let’s explore some of those myths:
That’s wrong. Unlike with leasing, HP actually ends in car ownership. Every HP payment is a contribution to the overall cost of the car.
Although HP deposits are usually around 10% of the car’s value, this is flexible. Deposit numbers vary based on many factors, including the car itself and your credit position.
Again, untrue. Our lenders can provide Hire Purchase agreements for both new and used cars. This gives you more options when it comes to picking out your perfect ride.
We make it quick and easy to apply for HP financing. Cut the stress and get excited for your new car—applying works like this:
Read on to learn more about getting your Hire Purchase contract approved!
Our HP applications for financing will walk you through a quick process that’s designed to get you approved quickly. We work with a panel of trusted lenders in an attempt to find the best deal based on your unique set of circumstances.
Must be aged 18 or older and have three years’ worth of address history in the UK.
Our initial credit check is soft and will cause no damage to your credit rating. This gives you total confidence right through the approval process.
While a good credit score opens more avenues, we try to find the right HP loan for any kind of financial background.
At Car Finance Today, we work towards getting you behind the wheels of the car that suits your needs, regardless of your financial history. Our team keeps things seamless, with personalised support throughout.
From the time you apply, an assigned account manager will look after the process to make it seamless for you.
We match you with the most competitive offers in our panel of lenders, so you get the best value.
We know your requirement for a family car, commuting vehicle, or even a sports car is very important, which we take into consideration to devise our approach.
Yes, early repayment charges may be levied depending on your agreement.
Ownership is passed on to you upon making the final payment.
We work with several lenders who can help people of different financial backgrounds obtain an HP loan.
If you are in financial trouble, you must contact us or our lender directly as soon as possible to talk over your choices
Usually, yes. A normal deposit for HP finance is between 10% and 30% of the car’s value. However, that results in lower monthly repayments.
No. Unlike a PCP agreement, Hire Purchase HP financing doesn’t involve mileage restrictions (as the car will eventually be yours). You can drive as much as you like!
It depends on the lender and the agreement. However, most loan terms last between 12 and 60 months—or 1 to 5 years.
Once you’ve made your last payment, the car ownership is transferred to you. The car legally becomes yours.
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