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Hire Purchase

Hire purchase (HP) is the most common type of car finance and can be an option even if you have a poor credit history.

With HP, you borrow a fixed amount, and the loan is secured against the vehicle until it is repaid in full. You then repay the loan with interest in fixed monthly instalments.

Before you enter any hire purchase agreement, it is important that you understand the terms. As well as paying back the money borrowed, you will also have to pay interest and related fees. The interest rate will depend on the amount you borrow, the length of the term and your financial circumstances.

Make sure you understand the total amount you will need to repay and how much you will need to pay each month. It is important that you only enter a finance agreement if you can make the repayments. If you are unable to make the payments, your vehicle may be repossessed, you may find yourself in debt, or you could get into financial difficulty.