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Explore Hire Purchase finance

HP finance

Hire Purchase agreements simply mean you’re paying the price of the car off monthly, over an agreed period. As soon as the last payment is made and you pay the option to purchase fee, the car is yours. HP is a the traditional form of lending and is suitable for drivers who want the own the vehicle at the end of the term and for those drivers who cover significant miles.
Advantages of HP
You own the car at the end of your contract
Fixed monthly payments
There’s usually no mileage restriction, so no excess mileage charges
You may get the option for a smaller or no deposit
Things to Consider
Monthly payments are usually higher than PCP due to there being no optional ‘balloon payment
You’re not able to sell or make modifications to the car until you officially own it
Usually you have to pay a small ‘option to purchase’ fee at the end of your plan
You don’t own the car until your final payment
The process
Choose your car
Choose your term and
repayment period
Complete your HP
Finance Application
Pay the deposit and monthly
payments
At the end...
Once all monthly payments have been made, the car is yours.
Content
Frequently Asked Questions

Is HP a good way to buy a car?

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Hire Purchase (HP) can be a good way to buy a car if you want to spread the cost of purchasing across monthly payments and own the car at the end of the agreement

Can I end my HP car finance early?

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You can voluntarily terminate your HP car finance early by returning the car if you’ve paid over 50% of the total amount. You can also pay the full cost early to end your agreement. There may be additional fees to consider. Contact your provider for a settlement figure.  

Is HP better than PCP?

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HP finance might be the better option for you if you want to own your car outright at the end of your agreement. HP doesn’t have a ‘balloon payment’ at the end of the contract like PCP does, and there’s no option to return the car unless you voluntarily terminate your contract early. 

Is HP easier to get than a loan?

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How easy it is to get approved for HP car finance will depend on things like your personal circumstances, credit history, and the finance amount you’re applying for. You might be able to get a soft credit check for HP finance or a loan before you apply to see if you’re likely to be accepted. 

Is Hire Purchase (HP) different to Conditional Sale (CS)?

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The main difference between HP and CS car finance is that there will typically be a small ‘option to purchase’ fee at the end of your HP contract. This fee will be outlined in your agreement before you begin. 

Can I choose Conditional Sale?

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The financial products we offer include Hire Purchase, Conditional Sale, Fixed Sum Loan, PCH, and PCP, although these may vary from time to time.

Terms & Conditions

For information on our regulated status and our credit broking services please see our Initial Disclosure Document (finance).

Finance is subject to status. Terms and conditions apply. You must be over 18 and a UK resident. The lender will conduct an affordability assessment and carry out a credit check. Please ensure you can afford the repayments before entering into a credit agreement.

Marshall Motor Group Ltd is a credit-broker not a lender. We may receive a finance commission from the lender for arranging finance for you. For further information on our commission arrangements see https://www.marshall.co.uk/fcds

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