Hire purchase finance is a type of car financing where the buyer pays for the car in instalments over a period of time.

With Hire Purchase finance, the buyer takes possession of the car at the beginning of the financing period, but the ownership of the car remains with the financing company until the final payment is made.

Under a Hire Purchase agreement, the buyer typically pays a deposit upfront and then makes regular payments (usually monthly) over a set period of time, typically between 1-5 years. The interest rate and total amount payable on the financing is determined by the terms of the agreement, which may also include additional fees and charges.

Once all the payments have been made, the buyer gains full ownership of the car. In some cases, the buyer may also have the option to purchase the car early by paying a lump sum or trading it in for a new car.

Hire Purchase financing can be a convenient way to purchase a car for those who cannot afford to pay the full amount upfront.