Hire Purchase enables you to simply choose how much deposit you wish to pay up front and the amount of time you need to repay the loan. During this period the amount you borrow plus the interest are repaid by fixed monthly payments. The interest charged is calculated at the beginning and is fixed for the length of the agreement.
This means that the amount you owe is unaffected by any future changes in interest rates, allowing you to plan your monthly budget with confidence.
At the end of the agreement, subject to payment of a nominal option to purchase fee, you take outright ownership of the car.