Hire Purchase is a popular car finance lending option that allows you to spread the cost of a vehicle over an agreed term by paying fixed monthly instalments.
Under a HP agreement you are effectively hiring the car until you have paid the loan amount in full, at which point you become the new owner of the car.
You choose how much you want to borrow over an agreed term and your monthly repayments (with interest) will be divided equally.
An initial deposit is usually required to get started, with the remaining balance paid off via monthly repayments.
You will also have the option to pay off the balance early, or terminate the agreement early if your circumstances change.
Apply for Hire Purchase today, and receive an instant decision .
Step 1:
Complete a quick online application that does not affect your credit profile.
Note: at this stage it doesn't matter if you have yet to find a car, or if you don't know exactly how much you need to borrow.
Step 2:
Once your application has been accepted a friendly consultant will make contact with you to discuss your requirements and options.
Your consultant will be dedicated to support you throughout the process and to ensure you get the fairest agreement that suits your individual circumstances.
Step 3:
Once you have agreed your loan terms you can then choose your car and receive delivery at your chosen address.
Your dedicated consultant can also help you find the car you want and work hard to get you the best deal across our trusted national dealer network.
Hire Purchase is still a very popular finance solution for many because you can budget for a fixed monthly payment and you get to keep the car at the end of the agreement with nothing owing.
A Hire Purchase is an option available to most people (even if you have a low credit score), with early termination options should your circumstances change.
You also get to enjoy no mileage restrictions during your agreement and so the car feels more like your own from the start.
Apply online today for a no obligation quote, without affecting your credit score.
Why Choose Hire Purchase?
Widely available to a range of credit backgrounds
Easy budgeting with fixed interest rates
Enjoy the freedom of no mileage limits
The car is yours at the end of the agreement
Rates start from 9.9% APR.
Representative example: borrowing £7,500 over 48 months with a REPRESENTATIVE APR of 24.9%, an annual interest rate of 24.9% (Fixed) and a deposit of £0.00, the amount payable would be £238.10 per calendar month, with a total cost of credit of £3,928.80 and a total amount payable of £11,428.80.
Rates may differ as they are dependent on individual circumstances. Rates from 9.9% APR: the exact rate you will be offered will be based on your circumstances, subject to status.
Find out how much you can borrow using our Hire Purchase Calculator.
Terms and conditions apply. Subject to status, application and credit acceptance.
Provided you’re aged between 18-75 and have a driving licence you will likely be eligible for hire purchase. Why not Check Your Eligibility and receive a decision within a matter of minutes, without affecting your credit score. Got a question about eligibility? For further advice, visit our Eligibility FAQs
If owning the car at the end of the agreement is important to you, hire purchase could be your best option. Spreading the cost evenly across your contract makes for easy budgeting, and unlike Personal Contract Purchase (PCP), there is no Balloon Payment looming on the horizon at the end of contract. And if you’re regularly driving long distances, you’ll no doubt appreciate the freedom and peace of mind that comes with no-mileage limits.
Yes. Typically HP has the highest approval rate of all car finance options and is often available to people with a less-than-perfect credit history. And because Creditplus work with several lenders who specialise in Bad Credit Car Finance, we can help you get the best possible deal, even if you have been refused car finance elsewhere.
Want to check your eligibility without affecting your credit score? Our Eligibility Checker only takes a few minutes, and you’ll receive an instant decision.
In most cases, lenders will look more favourably on people with a higher credit score. If that’s you - good news! A strong credit profile will normally result in lower interest rates, helping to reduce the overall cost of your loan. And if you haven’t got a perfect score, you can easily turn things around with a little work. To access the best possible rates, try our Complete Guide for top tips to help you improve your credit score, and maintain it.
HP is a type of conditional sale agreement, whereby the entire cost of the vehicle is divided into equal monthly repayments over the length of your contract. At the end of the agreement, you own the vehicle. With Car Leasing, you’re essentially renting a vehicle over an agreed period, based on an agreed mileage, meaning your monthly instalments are normally lower in comparison. At the end of a leasing agreement you return the car to the lender.
Monthly payments are typically higher with a HP agreement, simply because you’re making repayments to own the vehicle at the end of the contract. And unlike a lease agreement, you don’t have the option of returning the car to the lender at the end of your contract. This may be a disadvantage if you’re the type of person who likes to regularly upgrade your car – and you don’t want to face the hassle of selling the car yourself.
Absolutely. Whether you’re looking for a Commercial Van; a Van for Personal Use; or even a Campervan or Motorhome, Creditplus can provide a hire purchase solution to suit your requirements. Get a quote today using our simple, No-obligation Application form.
Provided you’re aged between 18-75 and have a driving licence you will likely be eligible for hire purchase. Why not Check Your Eligibility and receive a decision within a matter of minutes, without affecting your credit score. Got a question about eligibility? For further advice, visit our Eligibility FAQs
If owning the car at the end of the agreement is important to you, hire purchase could be your best option. Spreading the cost evenly across your contract makes for easy budgeting, and unlike Personal Contract Purchase (PCP), there is no Balloon Payment looming on the horizon at the end of contract. And if you’re regularly driving long distances, you’ll no doubt appreciate the freedom and peace of mind that comes with no-mileage limits.
Yes. Typically HP has the highest approval rate of all car finance options and is often available to people with a less-than-perfect credit history. And because Creditplus work with several lenders who specialise in Bad Credit Car Finance, we can help you get the best possible deal, even if you have been refused car finance elsewhere.
Want to check your eligibility without affecting your credit score? Our Eligibility Checker only takes a few minutes, and you’ll receive an instant decision.
In most cases, lenders will look more favourably on people with a higher credit score. If that’s you - good news! A strong credit profile will normally result in lower interest rates, helping to reduce the overall cost of your loan. And if you haven’t got a perfect score, you can easily turn things around with a little work. To access the best possible rates, try our Complete Guide for top tips to help you improve your credit score, and maintain it.
HP is a type of conditional sale agreement, whereby the entire cost of the vehicle is divided into equal monthly repayments over the length of your contract. At the end of the agreement, you own the vehicle. With Car Leasing, you’re essentially renting a vehicle over an agreed period, based on an agreed mileage, meaning your monthly instalments are normally lower in comparison. At the end of a leasing agreement you return the car to the lender.
Monthly payments are typically higher with a HP agreement, simply because you’re making repayments to own the vehicle at the end of the contract. And unlike a lease agreement, you don’t have the option of returning the car to the lender at the end of your contract. This may be a disadvantage if you’re the type of person who likes to regularly upgrade your car – and you don’t want to face the hassle of selling the car yourself.
Absolutely. Whether you’re looking for a Commercial Van; a Van for Personal Use; or even a Campervan or Motorhome, Creditplus can provide a hire purchase solution to suit your requirements. Get a quote today using our simple, No-obligation Application form.
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Jonathan Cross
Martin Dear
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