Does Hire Purchase Count As a Loan?

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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.

 

This is different to taking out a personal loan or secured loan, since, in this case, you would be given the amount of money you borrowed and you would then use it to buy the car. You would then own the car in full and you would owe the money to the lender.

 

To find out more about Hire Purchase, take a look at our Hire Purchase Debt page.


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Credit to source trustdeed4me.co.uk at Does Hire Purchase Count As a Loan?