News Formal

Hire purchase (HP) explained - Car Finance Guide

  • 📰 whatcar
  • ⏱ Reading Time:
  • 9 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 7%
  • Publisher: 51%

Business News News

Business Business Latest News,Business Business Headlines

Most people buy new cars on personal contract purchase (PCP) deals, but what about traditional hire purchase - could it be more suitable for you?

You don’t own the car until the final payment has been made, so you don’t have the legal right to sell the car. If you do sell the car, the finance company might take action against you for any payments you owe.Car companies are keener for people to buy on PCP rather than HP, so they often offer ‘deposit contributions’ of up to £1500 off the cost of a car with a PCP deal.

You need to ensure the car is in good condition if you’re going to hand it back early; if it’s not, you’ll be charged for any work that’s needed to bring it up to scratch.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 554. in BUSİNESS

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Why your Company Needs a Virtual Chief Information Security Officer | HackerNoonWhy should your company hire a virtual CISO to increase security? - onlinesecurity datasecurity
Source: hackernoon - 🏆 532. / 51 Read more »