How does Hire Purchase differ from leasing a van?

With leasing (such as Finance Lease or Contract Hire), you never own the vehicle. Instead, you pay to use it for the term and return it at the end. With Hire Purchase finance, the van becomes yours once all payments are complete. HP also has no mileage restrictions, whereas lease agreements typically set a mileage cap with excess charges if you go over. Hire Purchase tends to suit businesses that want to build an asset on their balance sheet and keep the van long-term.