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Hire Purchase (HP) is a popular finance option which allows you to spread the cost of buying a car.

Whilst the payments on Hire Purchase are higher each month there is no balloon payment at the end of the contract.

Personal contract purchase, or PCP for short, is a flexible car financing option that can offer lower monthly payments over a fixed term (i.e. 3 year ) with a final balloon payment at the end of the contract. This is typically a lower monthly payment than Hire Purchase HP.