Why use Hire Purchase? Hire purchase gives you eventual ownership of the asset at the end of the repayment term.
This allows you to spread the cost of your equipment, plant or machinery through manageable instalments ensuring cash flow is maintained. We can create flexible repayment options to suit your budget and for any seasonality in your business.
Hire purchase is suitable for: • Light and heavy commercial vehicles • Engineering machinery & material handling • Construction equipment • Buses & coaches • Agricultural equipment & miscellaneous plant
Hire purchase features and benefits: 1. Fixed monthly payments allow you to budget over the term 2. Ownership passes to you upon payment of an 'option to purchase' fee 3. A means of spreading the cost over the useful life of the asset with a minimum capital outlay 4. Monthly repayments do not attract VAT 5. You can claim capital allowances on the asset 6. Monthly/quarterly/annual interest charges can be offset against profits for taxation