What is HP Asset Finance?
Once you have decided to finance your asset with a hire purchase agreement, you will need to pay an initial deposit typically between 5-50% of the asset price. The remainder of the balance, together with the interest, is repaid monthly over an agreed period, usually between one and five years - At the end of the period the car is yours.
Unlike Personal Contract Purchase or Lease Purchase agreements, the residual value of the vehicle is not taken into account. Instead, your monthly payments on a hire purchase agreement are determined by the retail price of the vehicle, the size of the deposit and the length of the contract.
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Hire Purchase HP
One of the most common forms of financing an asset is through a process known as Hire Purchase, or HP, which offers a straightforward way to spread the cost of your loan.
There is a fixed rate of interest with fixed monthly payments, which allows you to take ownership of your asset once all payments have been made. HP finance can make budgeting for your new purchase simple and easy.