Hire Purchase

I bought a car from a car dealership. Is Rent (HP) the same as a fixed sum loan agreement?

There are small differences in HP and loans, they may come into force in case of default on repayments, do good research if you think you will have problems repaying

No, this is not the case. In a lease purchase you actually start the car and buying it the last payment. You can walk away and owe nothing to the company that finances the subject in relation to normal wear. On a loan that you own the car, but have a loan agreement, you can not get away without having to pay everything off. I think the HP Agreement is more expensive because of the privileges, but you read your contract document which is very important