Hire Purchase (HP)
At V12 Automobil, we give you access to flexible Hire Purchase (HP) options through top car finance providers. Explore a hassle-free way to own a performance car through HP car finance today.
What is Hire Purchase (HP) car finance?
With Hire Purchase (HP), you can spread the cost of your car purchase through fixed monthly payments and a set interest rate, making budgeting simple.
Choose the deposit amount, typically between 10% and 50% of the car’s price, and repay the remaining balance, plus interest, over an agreed term, usually 1 to 5 years.
You can enjoy clear, predictable payments with HP car finance. And once the agreement is complete, you’ll fully own your dream car.
“Can't thank the team enough for helping me with my new car purchase. Josh was excellent at sales and Nadim really helped me with the financing of my car. All around great team. Looking forward to my next purchase!”
Benefits of Hire Purchase (HP) car finance
Fixed monthly payments
HP makes it easier to budget and manage your finances.
Flexible deposit
Free up personal or business funds by choosing your deposit amount.
No mileage limits
HP allows you to drive freely without worrying about extra charges.
Ownership at the end
Once the final payment is made, the vehicle is yours, giving you full control.
Complete control
You can choose the length of your term, the deposit amount and the final payment amount.
Tax benefits
HP offers tax allowances for businesses using the vehicle for business purposes.
Things to consider before choosing a Hire Purchase finance product
- Monthly repayments are usually higher than other finance options.
- You don’t own the car until the final payment is made, including the option to purchase fee.
- You are bound to the terms of the agreement, so ensure you are able to afford the repayments, even if your circumstances change.
- Missing payments can harm your credit score and impact future borrowing. If you default on your payments, the vehicle may be repossessed without a court order.
Other finance options available
Personal Contract Purchase (PCP)
PCP allows you to use the car until the contract ends before deciding whether to keep it or change it.
Lease Purchase (LP)
Lease Purchase give you the benefit of lower monthly payments compared to a standard Hire Purchase deal.
Refinance your car
Refinancing your car is the hassle-free way of restructuring your funding, much like switching your mortgage.
Releasing equity
If you own a high-value vehicle and are looking additional funds, you may be able to release some equity from your car.