The right to purchase an asset by the user of the asset according to a pre-agreed method. The user may be the owner for tax purposes.

HP. A contract between a buyer and seller in which the buyer takes possession of an item and then pays for it in regular instalments, usually monthly, and does not become the owner of th [..]

A durable good is sold to a purchaser in return for agreed future payments. The buyer takes possession of the good immediately, though in law it remains the property of the seller or financier as coll [..]

A hire purchase contract is an agreement to allow the use of an asset while instalment payments are made, prior to a final payment which allows title in the goods to pass to the buyer.  Hire purchase [..]

A method of buying goods in which the purchaser takes possession of them as soon as he has paid an initial instalment of the price (a deposit) and obtains ownership of the goods when he [..]

A contract to hire goods for a specified period and at a fixed cost. If you pay all the instalments over the agreed period, the goods become your property. However, you may return the goods during the [..]

Refers to a way of purchasing an item such as a car or computer, over a period of time, for little or no upfront cost. The buyer can take immediate possession of the item in return for paying regular [..]

Hire Purchase is a simple and straightforward way for businesses to acquire essential assets such as equipment and vehicles without the initial upfront cost. Following the payment of an initial deposit, the cost of the asset is then repaid via regular repayments over an agreed term. Once the option to purchase fee has been paid at the end of the te [..]

Please see our dedicated section on Hire Purchase as a finance option.

A form of car finance where you agree to make monthly payments for a fixed term. Once your final payment’s been made, you own the car. Personal loan works in a similar way, but you own the car from th [..]

See Commercial Hire Purchase

A type of credit. The goods are owned by the lender until the full amount is repaid.

This is an arrangement in which a seller provides a product which the buyer pays for in instalments over an agreed period of time. Until the payments have all been made the item remains the property o [..]

Traditional finance agreement whereby the customer pays a deposit, fixed monthly payments over a period of 1 - 5 years. Customer takes ownership when all instalments have been paid.

Hire purchase is a type of asset financing which allows either a business or individual to use and control a vehicle during an agreed set of time. During this period, monthly payments will be made to [..]

Hire Purchase (HP) is very similar to borrowing a sum of money from a bank and paying it back over a fixed period of time, with interest. See What is Hire Purchase (HP) finance?

When an item of large capital value is bought over time by paying a deposit and fixing a period over which the loan will run (usually between 12 and 60 months) and then paying fixed and equal repaymen [..]

This is a form of credit which allows the purchaser to have p ossession of the goods shown in the hire purchase agreement. Ownership passes to the purchaser when they have paid all the installments and any fee.

A transaction in which the purchaser of an asset pays an initial deposit and takes possession, and then pays subsequent instalments over a specified time after which ownership passes to the purchaser.

The right to purchase an asset by the user of the asset according to a pre-agreed method. The user may be the owner for tax purposes.