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Buying through Hire Purchase

  • 31-10-2005 2:19pm
    #1
    dmck2886
    Closed Accounts Posts: 243 ✭✭


    I would like to know how much of a deposit if any I would have to pay if buying a car on HP? Also I would like to know if you have to be over 25 or anything to buy a car on HP?


Comments

  • #2
    Dub13
    Moderators, Recreation & Hobbies Moderators Posts: 21,254 Mod ✭✭✭✭Dub13


    If you can try and get a bank loan....it will work out alot cheaper.


  • #3
    bazz26
    Registered Users, Registered Users 2 Posts: 51,363 ✭✭✭✭bazz26


    Also with HP I think the car is legally belong to the HP company until the final payment is made irrespective of whose name is on the Vehicle Registration Form.

    Would definately recommend a Credit Union or Bank loan rather than HP.


  • #4
    Eoin
    Registered Users, Registered Users 2 Posts: 21,263 ✭✭✭✭Eoin


    Dub13 wrote:
    If you can try and get a bank loan....it will work out alot cheaper.

    Not too sure about that, HP can be pretty cheap.
    Bazz26 wrote:
    Also with HP I think the car is legally belong to the HP company until the final payment is made irrespective of whose name is on the Vehicle Registration Form.

    That shouldn't be an issue unless
    1) you default on a good few payments, and they come looking for the car
    2) you want to sell the car privately before the full amount has been repaid
    3) you want to throw money into the loan once in a while to reduce the amount left (HP is a fixed rate, so you can't pay extra into the account)


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