HP - Hire Purchase

What is a HP?

Back to Jargon

HP - Hire Purchase

A Hire Purchase or HP agreement is a type of financial agreement to purchase a car.

The agreement usually consists of an initial deposit and then monthly payments until the amount owed is paid off.

Unlike a PCP, there is no option to hand the car back although some providers allow you to have a balloon payment that will need to be paid at the end of the agreement.


Related