Help & Advice

Is a 2nd HP hire purchase agreement possible?

Hi, i have my car on HP which i took out 6mths ago, however my partner requires a car so wanted to know if i am able to take out a 2nd HP agreement (especially so soon after starting my own)?

Amanda


Answer

Hi Amanda, it is possible for individuals to have 2 HP agreements in their name. However you'd have to say that the 2nd car was for you as if you say it's for your partner they won't finance the agreement. Also lenders can get a little twitchy if they think that you're over committed. Some lenders may request that you settle off your existing agreement before giving you a new loan but it all depends upon your income and how much extra you're looking to finance. Have you asked your current finance provider for another loan or have you applied for any other personal loans? If so, what was the outcome? Kind Regards, Rachel

Answer correct as of September 2016

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Best available rate
Total repayment
Total cost of credit

Best available rate

Total repayment

Total cost of credit

We compare products from 18 of the UK's top lenders to get you the best deal.

Hitatchi

Representative example. Excellent Credit

Borrowing £7,500 over 48 months with a representative APR of 16.8%, an annual interest rate of 16.8% and a deposit of £0.00, the amount payable would be: £211.25 a month, with a total cost of credit of £2,640 and a total amount payable of £10,140.

CarFinance 247 is a broker and not a lender