What is Hire Purchase?
Hire Purchase deals are the most ‘traditional’ and simple way to finance your new car or van. With a HP you are effectively financing the whole balance of the new car or van, plus interest, over a pre-agreed timeframe to suit your budget. You’ll pay a deposit at the beginning followed by set monthly payments until the end of the HP finance agreement and with a Hire Purchase deal there are no mileage restrictions during the term.
At the end of your HP agreement, once the final payment has been made, the car or van is yours.
A typical HP example:
| Cash Price: |
£6202.85 |
| VAT: |
£1085.18 |
| Total Cash Price: |
£7288.00 |
| Less deposit (if any): |
£1600.82 |
| Amount of Credit: |
£5688.00 |
| Interest: |
£3701.52 |
| Acceptance Fee: |
£50.00 |
| Total Amount Payable: |
£8834.52 |
| Number of Instalments: |
48 |
| First Monthly Payment (Plus Acceptance Fee): |
£232.49 |
| Followed by 46 monthly payments of: |
£182.49 |
| Final Instalment (plus option to purchase fee): |
£207.49 |
| Total charge for credit: |
£3146.52 |
| Total amount payable: |
£10434.52 |
| APR: |
26.42% |
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