Updated: Nov 24
WHAT IS HIRE PURCHASE (HP)?
The Hire Purchase (HP) is a type of Asset Finance agreement that provides a versatile financial solution that enables businesses to lease assets such as vehicles, machinery, or equipment. This is achieved through regular monthly payments agreed upon, with the added benefit of the option to acquire ownership of the asset at the conclusion of the agreement.
It's important to note that full ownership of the asset is obtained only after the complete payment has been made.
Spread the cost of expensive assets
Find your own asset
Choose the payment term, from 12 to 84 months
Fixed monthly instalments to suit you
Hire Purchase is a type of Asset Finance that offers a powerful solution that enables businesses to acquire equipment, machinery, or vehicles while preserving their valuable working capital. This financial arrangement allows for the purchase of these assets through manageable monthly repayments, providing a more affordable approach.
Asset Finance encompasses a range of options, including Hire Purchase, Leasing, and Refinance, allowing businesses to choose the most suitable arrangement for their needs. One popular variant, Lease Finance, offers the added benefit of cost offset against profits, making it a highly effective tax relief strategy.
The scope of Asset Finance extends to both traditional hard assets such as Commercial and Business Vehicles, CNC Machinery, Plant Equipment, and Fort-lifts, as well as soft assets like IT Software and Systems, Office Furniture, and Fit Out Fixtures and Fittings. This versatile financing solution caters to a wide range of asset types, providing businesses with the flexibility to meet their specific requirements.
HOW DOES IT WORK?
We keep our business finance options transparent - no hidden fees or nasty surprises.
This is business finance made easy. Our no-obligation application won't impact your credit score.