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.
Our expertise helps us to understand your financing needsOur market-specific teams have an in-depth knowledge of both financing and equipment within each sector and will be able to advise on the best financial product to suit your business needs.
Benefits of finance
- Option to own asset on your balance sheet
- Spread the cost of purchase over time
- Benefit from flexible deposits and fixed payments
- Option to buy asset outright when agreement ends
- Claim writing-down allowances and capital grants in most cases