Hire purchase (HP) is an affordable way to buy a vehicle as it allows you to pay a deposit, and then make monthly payments to pay off the remaining amount.
You’ll be the registered keeper of the vehicle and responsible for insurance, servicing and maintenance, but the finance company will be the legal owner of the vehicle until the outstanding finance (including interest and fees) is paid off.
| Finance type | HP |
| Monthly payments | £1,110.12 |
| Term | 60 months |
| Contract Length | 60 months |
| Cash price | £47,000 |
| Cash deposit | £4,700.00 |
| Total amount of credit | £24,307.20 |
| Total amount payable | £66,607.20 |
| Representative APR | 21.4% |
| Fixed rate of interest pa | 21.4% |
