HP Finance

HP Finance

What is Hire Purchase (HP) Car Finance?

Hire Purchase Car Finance is an increasingly popular method of financing a vehicle. The clue is in the name with HP finance, meaning that you are effectively hiring the car for the amount of time you are making monthly payments. Once the final payment has been made, you take full ownership of the car and it is yours to keep.

How Does HP Work?

Once you've found your dream car here at Hilton Car Supermarket, no matter if it is a car which we have in stock or a vehicle that we are sourcing for you, we will discuss your finance options and establish the best possible way for you to purchase your car. If this is Hire Purchase Finance, we would recommend securing the vehicle with a 5 - 10% deposit contribution as an upfront payment, however we do offer Zero Deposit solutions to help you get your perfect car.

You will pay the deposit when you come to collect your vehicle from our garage, and the remainder of the vehicle balance will be paid over equal monthly payments. The length of time which you will pay for the car, and the amount which will be paid each month will be determined before you secure your vehicle with a deposit. Typically, the HP finance contract will last between 12 and 60 months.

What are the Pros of Hire Purchase?

  • Hire Purchase Finance deals have very low deposit requirements.
  • You will decide how long the finance term will be. This can be from 12 to 60 months.
  • We always provide a fixed interest rate, so you don't need to worry about sneaky price increases.
  • We offer attractive rates which can fit your budget. HP finance monthly payments are typically lower than personal loans.
  • Suitable for those who experience difficulty in obtaining loans in the past (subject to affordability checks).

Can I Sell my Car Whilst on Hire Purchase?

Because the car does not belong to you until you have made the final payment in your HP contract, you cannot sell your car privately.

You can, however, part-exchange your car with us and get a different finance agreement on another vehicle. We will agree a settlement fee with you which you can obtain from your current finance lender, value your current vehicle against the new car which you are seeking, and then work out a new finance plan which is suitable for your budget.