Hire Purchase (HP) is a type of finance agreement where you can borrow a set amount of money over an agreed period at a fixed interest rate. The amount borrowed and the total interest is divided across the entire agreement, meaning you pay the same amount each month. You can also pay off the total early.
Fixed monthly payments
Fixed interest rate means interest doesn’t fluctuate
Interest accrued over the finance period divided between all payments
Option to pay off the agreement early
No annual mileage limits
Option to purchase fee at the end of the agreement