Does Hire Purchase Count As a Loan?
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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.