Buyer's Guides
Hire purchase
As with any hire purchase agreement, you pay a deposit, then pay off the balance in monthly instalments over an agreed period of time.
Most dealers offer HP schemes, but interest rates vary, so check out the APR rate to tell you the real cost of borrowing.
Most dealers offer HP schemes, but interest rates vary, so check out the APR rate to tell you the real cost of borrowing.
The monthly payments may be higher than with some other finance methods, but the overall sum paid back is generally lower.
An HP loan is secured on the car, so you won't be turfed out of your house, and you own the car outright when you hand over the final payment.
An HP loan is secured on the car, so you won't be turfed out of your house, and you own the car outright when you hand over the final payment.