HP Finance Explained

HP finance, known as Hire Purchase, means that you will effectively hire your used car from a lender until the car has been paid for in full. One of the most common forms of used car finance, the loan is secured against the used car itself and you won’t own the car fully until your final payment has been paid.

Choosing a HP finance agreement for purchasing your next used car, will give you the ability to:

  • Spread out the cost over a repayment term to suit your budget
  • Choose if you want to put down a deposit at the start of the term
  • Allow you to own the vehicle outright at the end of the agreement

At the end of the term and once all payments have been made, the car will be yours and you become the legal owner. Furthermore, you are able to pay off any outstanding finance at any time throughout the term by asking for a settlement figure from the finance house, lender or speaking with the sales team at SW Supermarket or SW Superstore.

With Hire Purchase agreements, you are not restricted to a certain number of miles per year, meaning you can drive thousands of miles with no fear or repercussions and penalties. However, it is worth bearing in mind that your HP monthly payments will more than likely be larger than they potentially would be on a PCP used car finance plan.

Like with any finance plans, ensuring you fully understand the terms and conditions and risks associated with both is very important. At SW Car Supermarket and SW Car Superstore, we are a used car specialist in Peterborough and the surrounding Cambridgeshire and wider East Anglia areas and we would be more than happy to assist you with your used car finance.

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Transport For London

Cars need to meet minimum emission standards when travelling in the Ultra Low Emission Zone (ULEZ) or the daily charge must be paid.

Minimum emission standards

Petrol: Euro 4
Diesel: Euro 6

The ULEZ will be enforced based on the declared emissions of the vehicle rather than the age. However:

Information from Transport For London

Check this car on the TFL website before purchasing: https://tfl.gov.uk/modes/driving/ultra-low-emission-zone/vrm-checker-ulez

SW Car Supermarket

To save timely negotiation all our cars are heavily discounted upfront and offered nearer cost price, saving customers up to £2000 when compared to our competition. This ensures we are treating every customer the same. This fee is a compulsory fee and applies to all customers.

Variable admin fee is charged as listed below:

  1. Retail customers pay £149.
  2. Repeat customers purchasing a 2nd car within 12 months of the original invoice date £0.
  3. Retail customers arranging finance using brokers outside of our immediate panel of lenders £399.
  4. Trade customers making a purchase as the motor trade £499.
  5. Export customers including Northern Ireland and the Republic of Ireland £499.
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