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Hire Purchase

The advantages & disadvantages of hire purchase
Need some help?

Hire Purchase

The advantages & disadvantages of hire purchase

Hire Purchase (HP) is a simple way for you to purchase a new or used vehicle with fixed monthly payments.

Usually customers take out a Hire Purchase agreement over 2 – 5 years. The monthly payments that you make on your Hire Purchase Agreement is stipulated by the initial payment that you place on the vehicle, the term and the interest rate.

At the end of the agreement, subject to all payments being made (including option to purchase fee, set out within your finance agreement) the title of the vehicle will be transferred over to you and you will become the legal owner.

advantages

disadvantages