Charlie Weston: Look at the costs before getting into a HP deal
THINKING about buying a new car? Then be careful you do not get bounced into a hire-purchase agreement (HP) unknowingly, unless you are very sure that is the type of financing deal that you want.
Garages will offer to arrange finance for you, but often the finance package they offer is a hire-purchase agreement.
This is convenient as it saves you having to go through the cumbersome process of negotiating a loan from a bank or building society at a time when lenders are reluctant to give out loans.