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Individual Hire Purchase

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If you choose to pay for your car with a Hire Purchase agreement, you will normally pay an initial deposit and will pay off the entire value of the car in monthly instalments. When all the payments are made, the Hire Purchase agreement ends and you own the car.

How does Hire Purchase work?

Hire Purchase is a financing solution suitable for individuals wishing to purchase assets without paying the full value immediately. The customer pays an initial deposit, with the remainder of the balance and interest paid over a period of time. On completion, ownership of the asset transfers to the customer.

Am I eligible?

Yes! Any individual over 18 with full UK licence is eligible for Personal Contract Hire (subject to credit checks).

What happens at the end of the contract?

At the end of the Hire Purchase, once you have made your final payment (including option-to-purchase fee), the car belongs to you.


  • You'll be able to drive away a car that you may not have managed to buy outright.
  • Unlike a Personal Contract Purchase or Personal Contract Hire contract, you won't need to estimate your mileage at the start of your Hire Purchase agreement, so you'll avoid excess mileage charges.
  • Once you have made your final monthly payment you will have full ownership of the car.


  • Monthly payments may be higher than other finance options, such as Personal Contract Purchase, as you're paying off the full value of the car.
  • You cannot sell the car until you have fully settled the finance.

Please note: The above information is for guidance purposes only. As a responsible lender Associated Credits Limited recommends prior to entering into any form of legal contract companies and individuals seek the guidance of an accountant or suitably qualified independent professional advisor.