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Does Hire Purchase Count As a Loan?

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Why are we asking this question?
By knowing how much debt you owe, we can ensure we are able to offer you the most appropriate debt solution for your needs. Some debt solutions, like an IVA, require you to owe more than £5,000.

Hire Purchase is a type of borrowing, so technically it is a type of loan, but there are one or two differences between it and a secured loan.

 

One of the main differences between a Hire Purchase agreement and other types of loans, is that you are agreeing to a payment plan, but you will not actually own the car until all of the payments have been made.

 

To find out more about Hire Purchase agreements take a look at our Hire Purchase information page.

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