Get behind the wheel with HP

When you choose Hire Purchase finance with Zopa, it's secured against the car. This means we own the car until you make your final repayment and after that, it’s yours.

However, there’s no need to feel like it isn’t yours. We won’t put a limit on how many miles you can drive in your car.

It’s important to note that if you default on your finance, we can repossess and then sell the car, subject to meeting the conditions detailed in the Consumer Credit Act.

With unsecured personal loans, you can use the money you borrow from us to buy and own the car outright. Check out your rate on our loans page.

For hire purchase (HP) and personal contract purchase (PCP), we pay the dealership directly and the loan is secured against the car. This means that Zopa own the car until the loan has been paid off. We run checks on your car to ensure it’s in good condition and can support you if you need help finding a car.

With PCP, you typically have lower monthly payments than HP and personal loans. This is because you don’t have to pay the full value of the car unless you’d like to own it. At the end of the PCP agreement, you can choose to return the car, part exchange it for a new one, or pay an optional final payment to own the car outright.

Please note that you may need to put down a deposit at the beginning of an HP or PCP agreement.

No.

A balloon payment is a lump sum you’ll pay if you want to keep the car at the end of a personal contract purchase (PCP). As this is a Hire Purchase (HP) finance, once you’ve made your final repayment the car is all yours and there’s nothing more to pay.

For hire purchase

Technically, we’ll own the car until you’ve paid off your hire purchase finance in full, but there’s no need to feel like it isn’t yours.

You'll be the registered keeper of the car and there is no limit on how many miles you drive. Plus, once you’ve made your final repayment, ownership is automatically transferred to you.

For personal contract purchase (PCP)

We’ll own the car unless you choose to make the optional final payment at the end of your agreement. After that point, you’d own the car. If you don’t make the optional final payment and want to return the car to us at the end of your agreement, charges might be applied if you’ve gone over your agreed mileage limit and/or the car has been damaged beyond normal wear and tear.

There are no set-up fees when taking out your hire purchase car finance with Zopa.

If you took out your loan after 7th September 2022, you will be subject to an early repayment charge if you pay off your car finance before the end of your term. If you took your loan on or before 7th September 2022, there won’t be a charge. Find out more about early repayment charges here

There are no charges if you miss a repayment on your hire purchase. Although if you do miss a repayment, it’ll be marked on your credit file which may affect your ability to obtain credit in the future.