MINI HP Calculator
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MINI HP Calculator
MINI HP FAQs
Do I own the Mini immediately with HP?
No. With Mini HP, you usually become the registered keeper (you use the car), but the finance company is the legal owner until you’ve made all payments (and paid any option-to-purchase fee, if your agreement has one).
Is there a balloon payment on Mini HP?
No. Mini HP doesn’t have a large “balloon/GMFV” like PCP. You normally repay the full balance over the term, and ownership transfers at the end (often after a small option-to-purchase fee).
Can I end my Mini HP early with voluntary termination?
Yes. Under the Consumer Credit Act, voluntary termination (VT) applies to regulated Mini HP agreements. You can end the agreement, but you’ll usually need to have paid (or pay up to) 50% of the Total Amount Payable and clear any arrears. You’re also expected to take reasonable care of the car (damage beyond fair wear and tear can still be charged).
What happens if I miss payments on Mini HP?
Missed payments can affect your credit file. If you fall into arrears, the lender will normally issue a default notice and may terminate the agreement. Repossession is possible, but UK rules can require a court order in some situations (for example, if you’ve paid at least one-third of the total amount payable and/or the car is on private land). If you’re struggling, contacting the lender early is usually the best move.
Can I sell my Mini car while it’s on hire purchase?
You generally can’t sell it as if you own it outright, because the finance company remains the legal owner until the agreement is settled. In practice, you can still sell/part-exchange if the finance is cleared as part of the sale (e.g., you request a settlement figure and the dealer/buyer pays the finance off).
Can I make overpayments on Mini HP to reduce interest?
Often yes — you can usually make extra payments or settle early, but how that reduces interest/term depends on the lender’s process. The clearest route is to request an early settlement figure (the lender must provide it, and it’s typically valid for 28 days).
Are there extra fees on Mini HP?
HP agreements for a Mini commonly include an option-to-purchase fee payable at the end to transfer ownership (the amount varies, and should be shown in your agreement/quote).
What happens to my Mini HP if it's written off?
Your insurer normally pays out the car’s market value. That money is used toward settling the finance — and if the payout is less than the settlement figure, you’d usually owe the shortfall. Some people consider GAP insurance for this scenario (policy dependent).
Is Mini HP easier to get with bad credit?
It depends. HP is secured against the car, which can help in some cases, but approval still depends on affordability checks, credit history, deposit, and the lender’s criteria.
Are there mileage limits on Mini HP?
Typically, no — Mini HP isn’t based on a guaranteed future value like PCP, so mileage limits and excess mileage charges are usually not part of HP (your agreement terms still apply).
Is HP cheaper than PCP for a Mini?
If your goal is to own the car, HP can work out cheaper overall — but it depends on the APR, term, deposit, and the specific offers available (PCP promos can change the maths). PCP is usually cheaper per month because part of the cost is deferred into the final payment.
What's the minimum deposit for Mini HP?
It varies by lender and deal. Some Mini agreements are available with low or even zero deposit, but a higher deposit can reduce the amount borrowed (and therefore monthly cost/interest).
Is HP good for used Mini cars?
Yes — HP is commonly used for new and used Mini cars like the Cooper (and other models such as the Countryman), and it’s a straightforward “pay it off and own it” route (as long as the monthly payments fit your budget).