What is HP Finance?

BriPark Cars

Hire Purchase is a really popular type of finance that allows you to purchase a car and spread the cost, but many people don’t understand what a Hire Purchase - or HP - agreement actually means.

At BriPark, we are always transparent and clear with our customers about our finance agreements, so that they understand exactly what they are committing themselves to with their purchase. A Hire Purchase agreement allows you to spread the cost of buying a car across a number of months. Once the final payment is made, you will own the car outright. This differs from other forms of finance, like a Personal Contract Purchase (PCP), because you are not required to make a large final payment at the end of the term.

The advantage of a HP agreement is that it can help you budget. The monthly installment amounts are fixed and the choice of term can make those payments higher or lower. The usual length of a HP agreement is somewhere between two and five years, dependant on the offer conditions. Of course, you will incur some interest for paying for your car like this, but there are often really competitive interest rates available and, certainly here at BriPark, we are always looking to source the very best deal for our customers.

Our competitively priced Hire Purchase agreements are available on a wide range of our used cars. But if Hire Purchase finance is not the right option for you, we also offer Personal Contract Purchase, Conditional Sale, and Fixed Sum Loan Agreements. Not sure what you need? Get in touch with the team at BriPark. We are experts in used car finance plans and can give you helpful and realistic advice based on your situation and budget.