Hire Purchase is a loan secured on your car which is repaid in full over the term. Once all payments are made you own the car.

HP is suitable if you

  • Are buying a new car or an older car
  • Wish to own the vehicle at the end of the finance period or have the full value of the vehicle to be used as part ex towards another car
  • Plan to keep the car for a long period eg 5+ years

Key Features

  • You own the car at the end of the finance term
  • Loan repayments are higher than PCP since you are paying off the full balance of the vehicle, therefore you will need to be able to afford the higher repayment amounts
  • The total cost of credit is lower than PCP, since you are repaying the loan balance quicker than PCP

AutoeBid is the efficient route to your next car!

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Hire Purchase

With Hire Purchase the loan is secured on your vehicle. Your repay the loan in full over the chosen term. The total cost of borrowing is cheaper than PCP as you are paying down the loan quicker.

At the end of the term the car is yours, you can either keep it or sell it and put the proceeds towards another car. Remember any sale amount is yours as the finance has already been settled.


The Benefits

  • Available for both new and older cars
  • At the end of the loan term you own the car
  • No mileage restrictions
  • Fixed monthly cost over a period (of 1 to 5 years)
  • The agreement can be repaid early by requesting a settlement figure

The Drawbacks

  • Monthly repayments are higher than other finance options available
  • You only own the car after the final payment has been made

Hire Purchase may be suitable if you:

  • Wish to own the vehicle at the end of the finance period or be able to use the full value of the vehicle as part ex towards another car.
  • Plan to keep the car for a long period or more than 5 years.
  • Do not want mileage restrictions.
  • Or if PCP is not available