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Is it Possible to Have a Second Hire Purchase Agreement?

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)?

Asked by Amanda

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

Tim Carpenter
Answered by Tim Carpenter Car Finance Expert Edited on

Liked by 6 People

£
4 Years
Best available rate XX% APR
Total cost of credit £ XXX.XX
Total repayment £ XX,XX.XX
48 monthly
payments of
£ 245 98

Representative example: borrowing £7,500 over 4 years with a representative APR of 25.4%, an annual interest rate of 25.4% (Fixed) and a deposit of £0.00, the amount payable would be £239.77 per month, with a total cost of credit of £4,008.96 and a total amount payable of £11,508.96


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