Can you explain hire purchase to me?
Yes! Hire purchase (HP) is how Oodle rolls.
HP is a type of borrowing. It is different from other types of borrowing because you don’t technically own the car until you have paid in full. Under an HP agreement, you ‘hire’ the vehicle and then pay an agreed amount by monthly payments.
So, in terms of Oodle, while you are still making payments, you aren’t allowed to sell or dispose of the car without Oodle’s permission. It’s against the law.
The lender may also be able to take back the car if you fall behind with payments.