Hire purchase (HP)
An agreement allowing a customer to use an asset while paying instalments, with ownership normally transferring only after all required payments and conditions are met.
Also known as: HP
Related terms
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Asset finance
Funding used to acquire or use business assets, often with the asset itself providing security for the finance.
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Finance lease
A lease that gives a business use of an asset for most of its economic life while the finance provider retains legal ownership.
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Repayment
Money paid back towards a loan, debt or other financial obligation.
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