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What is HP Car Finance?

HP vehicle finance is one of the easiest finance options to understand. You effectively hire a vehicle from a finance company for an agreed period and then take ownership once the final payment has been made. Interest rates and monthly payments are fixed for duration of the contract and you own the vehicle at the end of the term.

HP Car Finance

An HP vehicle finance agreement typically runs for 2 to 5 years and is one of the most common methods of paying for your vehicle.
At the beginning of the agreement you decide the amount of the deposit you wish to pay and the term of the payment plan. Based on your credit rating, the lender will then offer you an interest rate and a fixed monthly payment plan that will run for the contract term.
At the end of the contract term and assuming that everything has been paid in accordance with the agreement, the lender will transfer the title of the vehicle and you will become the legal owner.
HP lenders are often able to offer more attractive terms and conditions because they retain the ownership of the vehicle until you make your final payment.
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Benefits of HP Car Finance

HP vehicle finance is simple. It’s a straightforward loan for an agreed period and you take full ownership of the vehicle once the final payment has been made.
Simple
Convenient straight forward application process
Tailored
Set your deposit and payment term to suit your budget
Flexible
No mileage restrictions during the contract term
Ownership
Ownership of the car is transferred to you at the end of the agreement
Protection
Safer than a personal loan and for vehicle quality assurance
Early Exit
Rebate of future interest if you settle your agreement early