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Hire Purchase

This type of loan is generally secured on the car or vehicle which means that you don't actually own the car until the last payment is made. Other conditions such as keeping the car in good order and fully comprehensive insurance <link>are often conditions.

In terms of re-payment you pay a deposit for the car and make regular monthly payments until the debt is repaid. HP is offered widely at dealerships and they will earn a commission from the finance company for each one sold.

We advise you to check the APR which by law they have to tell you. The higher the APR generally the worse the deal. However, the best way to compare is to calculate how much you pay back as sometimes HP can be very expensive.

Also if you wish to sell you car and early redeem your HP don't expect to only pay the interest for the time as often these deals have all the interest loaded at the front i.e. you pay the interest first and the amount you borrowed.

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