what is the HP repayment?

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what is the HP repayment?

2007-12-08 08:06:50 · 2 answers · asked by allomy 1 in Business & Finance ➔ Personal Finance

2 answers

Google it.

HP is a 'loan' where you buy something (usually a car) through a Finance Company.

The Finance Company actually owns the car until you have repaid the loan ..

If you want to sell the car, you have to repay the HP loan at the same time .. if you sell without repaying the HP it's essentially theft (you don't own the car until the whole loan is repaid).

2007-12-09 19:19:47 · answer #1 · answered by Steve B 7 · 0⤊ 0⤋

HP stands for hire purchase. The payment you have to make back is monthly, and is based on the initial amount borrowed, plus the interest charged, then divided into the number of months it's over.

2007-12-08 08:15:06 · answer #2 · answered by Heidi W 4 · 0⤊ 0⤋