Hire Purchase (HP) Car Finance

Yes, you can settle your Hire Purchase agreement early at any time. The finance company will provide a settlement figure that covers all remaining payments, though there may be early settlement adjustments.

Once you've paid two-thirds of the total amount payable, you also have the right to voluntary termination under the Consumer Credit Act, where you can end the agreement and return the car. Terms and conditions apply, so always check your car finance contract first to find out if you’re eligible. 

If you're struggling with payments, contact us immediately. We can often help by discussing options with your finance provider, such as payment holidays, reduced payments, or refinancing. Ignoring the problem can lead to repossession of your vehicle, so it's crucial to communicate any payment problems early.

You become the legal owner of the vehicle after making your final monthly payment and paying the option to purchase fee (usually around £100). At this point, the finance company will send you the V5C registration document showing you as the registered keeper and owner. Until then, the finance company technically owns the car, though you have full use of it.

While you don't legally own the car until the final payment, most finance companies allow reasonable modifications during a Hire Purchase agreement that don't reduce the vehicle's value. However, it's always best to check with the finance provider first. Avoid any modifications that could void the warranty or make the car harder to sell. Once you own the car outright, you can modify it however you wish.

HP finance is available to customers with various credit scores. While a good credit history helps secure better rates, we work with lenders who specialise in different credit situations. Even if you've had credit issues in the past, we may still be able to help.

The key factors are stable income, affordability, and the ability to maintain payments. Contact us to discuss your specific circumstances.

Yes, Hire Purchase car finance is fully regulated by the Financial Conduct Authority (FCA). This means you have important consumer protections, including the right to voluntary termination after paying two-thirds of the total amount, a 14-day cooling-off period, and strict affordability assessments. All our finance partners are FCA regulated, ensuring you receive fair treatment throughout your agreement.

Absolutely! Hire Purchase finance is available for both new and used vehicles. In fact, it's particularly popular for used car purchases as the monthly payments are often more manageable than with new cars.

All our used vehicles undergo thorough inspections and come with warranties, giving you confidence in your purchase. Bear in mind that the age and mileage of the car may affect the maximum term available to you.

You must maintain fully comprehensive motor insurance throughout your Hire Purchase agreement, as the finance company has a financial interest in the vehicle. The insurance must cover the outstanding finance amount, and the finance company should be noted as an interested party.