Hire Purchase (HP)

Hire Purchase is one way of financing your new car.

Get your finance sorted before you buy your car.

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Borrow between £2,900 and £25,000 with HP Car Finance from Admiral. HP Representative APR 5.9% fixed. This rate applies for loans from £5,000 to £15,000. The rate offered will depend on the amount you wish to borrow and your individual circumstances. You will not own the vehicle until all payments have been made.

Representative example

If you borrow £5,750 and pay a £250 deposit to the dealer for a car with a cash price of £6,000 over 36 months at a Representative APR of 5.9% (fixed) and an annual interest rate of 5.75%, you would pay £174.24 monthly with one final monthly payment of £175.24. The total amount payable including your deposit and a £1 option to purchase fee would be £6,523.64.

What is Hire Purchase (HP)?

Hire Purchase (HP) is a way to pay for a vehicle without paying the full amount at the outset. You're essentially hiring the car over the period of the contract, with the option to buy it at the end.

You would be the 'registered keeper' of the car and would be responsible for insuring and maintaining it, but Admiral would remain the legal owner until the HP agreement has been repaid in full.

Features of HP

  • There are no excess mileage charges.
  • A HP deal is secured against the car.

Good to know

  • A HP deal is secured so you won't own the car until you've made your final payment and paid the "option to purchase" fee.
  • If you fail to keep up with your payments, we have the right to retrieve the vehicle from you.
  • Once you've paid at least half of the total amount repayable, you have the right to hand the car back and terminate the agreement.

If you're not sure which type of car finance is best for you, read more on our Car Finance Page about the different types of car finance.

Everything you need to apply for HP

When you apply for HP with Admiral, you'll need to fill in:

  • Your personal details
  • Your financial details like annual income, and monthly outgoings
  • Your bank account details
  • The details of the car - the registration number and mileage
  • The details of the car dealer - so we can transfer the funds to them directly

As a basis for qualification, you must be a permanent resident of England, Wales or Scotland, having lived in the UK for at least 3 years, be between the ages of 18 and 75, and with no recent history of bad credit such as County Court Judgements (CCJs), IVA or bankruptcy. The rate offered will depend on the amount you wish to borrow and your individual circumstances. You can apply for any amount between £1,000 and £25,000 for a period between 12 and 60 months.

APR stands for annual percentage rate. This is the total charge for the loan including fees and interest expressed as a percentage. The APR you are offered may differ from the representative example displayed, this is because each loan application is assessed on an individual basis. The maximum APR we offer is 29.9%.

Admiral Loans are administered and arranged by EUI Limited. EUI Limited is registered in England and Wales at Tŷ  Admiral, David Street, Cardiff, CF10 2EH (Reg. No. 02686904). EUI Limited is authorised and regulated by the Financial Conduct Authority (Firm reference number: 309378). These details can be confirmed by visiting the Financial Services Register, www.fca.org.uk/register.

EUI Limited is a registered data controller (No. Z5299783). The data controller is EUI Limited. You acknowledge that by providing your personal data to us, you consent to its processing in the manners outlined in our Privacy Policy. Click here to read.

Please see our terms and conditions here.

When you submit an application for a loan, we will conduct an application credit search which may affect your credit score, so you may wish to keep applications to a minimum to protect your credit rating.

If you have any queries about the manner in which your data is processed, please write to: Data Protection Officer, EUI Limited, Tŷ Admiral, David Street, Cardiff CF10 2EH.