Hire purchase

Hire purchase solutions

Spread the cost of an asset for your business over time with a hire purchase agreement

Hire Purchase for flexibility

Hire Purchase enables you to acquire an asset while paying for it in instalments over an agreed timescale – the term. At the end of the term, you have the option to purchase the asset outright.

Far more flexible than a conventional loan, Hire Purchase lets you spread the cost of your investment over the life of the asset, making it easier to budget. Hire Purchase is particularly suitable for acquiring vehicles, machinery, construction and commercial equipment with a resell value. 

 

Benefits of Hire Purchase

  • More time to repay - Spread the cost over the life of the asset
  • Seasonality - We can structure repayments to take account of seasonal fluctuations in your cash flow
  • Keep control - You are the owner of the asset for tax purposes and can normally claim capital allowances
  • Tax efficient - You can offset your hire purchase interest and charges against pre-tax profits
  • Reclaim VAT on the capital cost (there are special rules for cars) 

Sector specialists

Our asset finance managers’ in-depth knowledge of their industry sector ensures they see the big picture. This means that if you’re seeking asset finance to support new product development or diversification, they will be able to you help you explore your vision within the context of the wider market.

The individual customer is at the heart of what we do, but our lending decisions are underpinned by our sector expertise, which covers: 

To find out how we can help, please contact us today.