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Paying off hire purchase early
Hi,
Almost 2 years ago I took out a hire purchase agreement on a new car.
I am in a position now where I could pay off the remainder of the debt - is there any possibility of paying off a HP agreement early and is there any benefit in doing so?
As I understand it the interest is fixed and I would not make any saving paying it early as I would have if it were a bank loan, is this correct?
Thanks
Almost 2 years ago I took out a hire purchase agreement on a new car.
I am in a position now where I could pay off the remainder of the debt - is there any possibility of paying off a HP agreement early and is there any benefit in doing so?
As I understand it the interest is fixed and I would not make any saving paying it early as I would have if it were a bank loan, is this correct?
Thanks
0
Comments
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You may get a small discount for paying off the loan early. Look at the HP agreement you singed and/or phone the HP company.0
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