Under a hire purchase agreement, your business can acquire an asset by paying an initial instalment, for example 30% of the total price, and repay the remaining balance as agreed monthly instalments to cover the full purchase cost. You can obtain ownership of the goods once the full amount of the contract is paid. Usually you will pay the VAT upfront. Hire purchase enables your business to acquire large assets by using a manageable and transparent payment plan reducing the risk of unwanted financial surprises.
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