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Finance options at Inchcape

Hire Purchase (HP) Finance Guide

Own your car outright, once all payments have been made

HP Finance Explained



Hire Purchase is the most straightforward method of financing your car. Just decide how much you want to borrow (you don’t always need pay a deposit) and repay with fixed monthly payments over any period up
to 60 months. At the end of the contract the car is yours. With HP, you will only own the car once the final payment is made, so although you can't sell the car without getting the finance provider’s permission, you may be able to part-exchange it if you're in positive equity.

If you decide you want to pay off the agreement early, this is also a possibility. You can clear the balance of your Hire Purchase agreement, and any interest that would have been payable on the outstanding balance is waived.

If you miss a payment just like a mortgage, the finance company can legally repossess the car if you fall behind on your payments. So if you’re struggling to meet your repayments for any reason, contact the finance provider ASAP.

Do you have historic credit issues?
Inchcape are here to help you find your perfect vehicle thanks to our Impaired Credit Car Finance.



Hire Purchase at Inchcape

What are the benefits of HP?


Hire purchase is another way saying ‘loaned until it’s paid for’. You agree a price for the car and a period over which to pay it off. The biggest benefit with HP is that once you've made your last payment, legal ownership transfers into your name and the car is yours to keep, sell or part-ex.

There are no mileage limits, so if you’re a high-mileage driver this can work out cheaper than a PCP deal. And the monthly payments are fixed for the duration of the agreement, so you’ll know exactly what you’re going to be paying. 

Contact a member of the team today and find out more.

Key features of Hire Purchase (HP) include the following:

Fixed repayments
At the beginning of the agreement, both the amount you pay every month, and the repayment period, is fixed and will not change. This is great for your budgeting.

Fixed interest
Even if interest rates go up, the interest rate on your finance repayments will not be affected.

Flexible payments terms

Choose any period from 12 months to 60 months to suit your budget. You work out what you want to pay each month and we’ll work out how many months to repay it over to get you into your ideal car.

Ultimate Ownership

Once you have made all the repayments, you own your car

Contact a member of the team at Inchcape to find out more.