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      Hire Purchase funding
      tailored to your business

      For UK businesses looking to unlock the value of their
      existing assets to support their business.

      Hire Purchase allows you to use and manage business
      equipment over an agreed term. Regular repayments
      cover the asset’s depreciation and interest, with the
      option to own the asset at the end of the agreement.




      Why choose Close Brothers Asset Finance?

      

      Various options

      We offer a range of flexible funding options that enable you to purchase assets and grow your business. Our options include Hire Purchase, Refinance, Finance Lease and Operating Lease.

      Finance experts

      With almost 40 years' experience in asset finance and having won various awards, our dedicated experts have extensive knowledge and experience to confidently support you and your business.

      A range of assets

      We provide funding solutions for businesses across a wide range of sectors, including print, 3D printing, manufacturing, construction, agriculture, aviation, marine, engineering, fairgrounds, renewable energy, taxi services, vehicles, woodworking, and many more.

      Tailored finance

      Agreements are customised and tailored to meet your specific demands, meaning you can make larger repayments when your income is strong and smaller repayments during quieter times.

      What our clients say

      The service provided by Close Brothers Asset Finance was spot on. Efficient and easy to use with quick responses to any questions I had. I highly recommend the company.
      Brilliant service, no hassle and very helpful. Thank you for all the assistance.
      My account manager made this process very straightforward. I will be recommending you in the future; you have an efficient operation.
      My local representative always does his best to help me as much as possible. Nothing is too much trouble for him, and always tries to find a solution to any of my issues.
      Your service exceeds by far what we get from our corporate bank. We wish you could be a bank as well. Can’t fault your service and the schemes you offer which have answered our cash requirements and have facilitated our rapid expansion.
      94%
      of customers are happy with our service*
      9/10
      customers would recommend us to a friend*
      97%
      of customers say we are easy to deal with*

      *All figures are from the Close Brothers Asset Finance customer experience surveys conducted throughout 2025

      Find out how we can help
      your business



      Benefits of Hire Purchase


      Hire purchase allows you to spread the cost of equipment through regular instalments over an agreed term, rather than committing to a large upfront payment.


      This can help businesses manage expenditure more effectively by aligning costs with usage over time. Because repayment amounts and terms are agreed in advance, hire purchase provides greater visibility over outgoings, making it easier to budget, forecast costs, and plan future investments while retaining working capital for other business needs.

      You can use and manage the equipment from the start of the hire purchase agreement, allowing it to support your business operations immediately. This means the asset can begin contributing to productivity, efficiency, or service delivery while repayments are spread over time. By putting the equipment to work straight away, hire purchase helps businesses align the cost of the asset with its use, without delaying investment or tying up capital before the equipment is in operation.

      Repayment amounts are agreed at the outset of the hire purchase agreement, providing clear visibility over costs from the start. This certainty helps businesses plan budgets with confidence, as repayments remain consistent over the agreed term. Knowing the repayment structure in advance makes it easier to forecast expenditure, manage cash flow, and plan financially over the life of the agreement without unexpected changes to payment amounts.

      At the end of the hire purchase term, there is usually the option to purchase the asset and take ownership, following completion of all agreed repayments. This provides businesses with a clear and defined route to ownership, allowing them to retain an asset that may continue to support operations beyond the agreement period. Having the option to own the equipment outright can support longer‑term planning decisions and provide ongoing value once the finance agreement has ended.

      By avoiding a large upfront payment, hire purchase can help businesses retain working capital and maintain greater financial flexibility. This allows funds to remain available for other operational priorities, such as covering day‑to‑day costs, purchasing stock, investing in staff, or supporting planned expansion. Spreading the cost of equipment over time can help balance cash flow while still enabling businesses to invest in the assets they need to operate and grow.

      • Spread the cost of equipment

        Hire purchase allows you to spread the cost of equipment through regular instalments over an agreed term, rather than committing to a large upfront payment.


        This can help businesses manage expenditure more effectively by aligning costs with usage over time. Because repayment amounts and terms are agreed in advance, hire purchase provides greater visibility over outgoings, making it easier to budget, forecast costs, and plan future investments while retaining working capital for other business needs.

      • Immediate use of the asset

        You can use and manage the equipment from the start of the hire purchase agreement, allowing it to support your business operations immediately. This means the asset can begin contributing to productivity, efficiency, or service delivery while repayments are spread over time. By putting the equipment to work straight away, hire purchase helps businesses align the cost of the asset with its use, without delaying investment or tying up capital before the equipment is in operation.

      • Fixed and predictable repayments

        Repayment amounts are agreed at the outset of the hire purchase agreement, providing clear visibility over costs from the start. This certainty helps businesses plan budgets with confidence, as repayments remain consistent over the agreed term. Knowing the repayment structure in advance makes it easier to forecast expenditure, manage cash flow, and plan financially over the life of the agreement without unexpected changes to payment amounts.

      • Option to own the asset at the end

        At the end of the hire purchase term, there is usually the option to purchase the asset and take ownership, following completion of all agreed repayments. This provides businesses with a clear and defined route to ownership, allowing them to retain an asset that may continue to support operations beyond the agreement period. Having the option to own the equipment outright can support longer‑term planning decisions and provide ongoing value once the finance agreement has ended.

      • Supports cash flow management

        By avoiding a large upfront payment, hire purchase can help businesses retain working capital and maintain greater financial flexibility. This allows funds to remain available for other operational priorities, such as covering day‑to‑day costs, purchasing stock, investing in staff, or supporting planned expansion. Spreading the cost of equipment over time can help balance cash flow while still enabling businesses to invest in the assets they need to operate and grow.

      Upcoming events and client success stories



      Our step-by-step process


      Fill out our short online form

      To find out how we can support you and your business, please complete our online form . It only takes a few minutes to complete.

      Speak with our finance experts

      Our dedicated Hire Purchase specialists will contact you to discuss your needs and provide more information about our products and services.

      Meet your local manager

      We will pair you with a dedicated local account manager who will provide personalised support either in-person or via virtual meetings to suit your schedule.

      Receive a tailor-made finance plan

      Based on your conversations with your account manager, we will develop a flexible repayment plan that matches your payment schedule with your seasonal income.

      Speak to our team
      for more information



      Our financial products and how they can add value to your business

      

       

      What is Hire Purchase?


      How Hire Purchase works 

       

      Hire Purchase is a great way to get what you need because you get to choose, use and manage the assets you need for your business over an agreed period, typically up to five years.


      The regular instalments you pay as part of your agreement will cover: 


      • The asset's depreciation
      • Interest on the cost of the asset


      At the end of the term, you get to choose to buy the asset and own it outright.


       

      Who is Hire Purchase for?  


      Hire Purchase is especially handy for:   


      • Businesses who want to keep control of their cash flow by knowing what their investments are going to cost them over the long-term, allowing them to budget effectively
      • Purchasing ‘hard’ assets like vehicles, machinery, equipment and other assets with resale value

      Advantages of Hire Purchase:


      • More time to repay: By spreading the cost over the life of the asset, a benefit is that you can lower the initial up-front payment. This matters because it gives you a long-term view of the fixed monthly payments you will need to make over the term of the agreement, which – in turn- helps you with your budgeting
      • Seasonality: If your business – like many others – has busy times and less busy times throughout the year, your monthly repayments can be adjusted in line with your sales peaks and troughs. For example, during the lead into the festive season your sales volumes might peak, but in the month or two after New Year, they fall back
      • Keep control: With Hire Purchase, you're in charge. You get full use of the asset throughout the repayment period and may even claim capital allowance. Capital allowance is a type of tax relief that businesses can claim when they spend money on long-term assets for use in the business. You can deduct some or all of the value of the asset from your taxable profit
      • Tax efficient: Financing your asset purchase through Hire Purchase can be tax-friendly because lease payments are treated as expenses, offering potential tax benefits compared to standard loans. Although asset depreciation also provides tax benefits, the useable lifetime of the asset will vary depending on the asset and on local regulation
      • Reclaim VAT: If you're VAT registered, you may reclaim VAT. For details on VAT registration, visit gov.uk/vat-registration/overview


      Finance is secured against the asset and/or equipment. If you're unable to keep up with your payments we may repossess the asset and/or equipment.


      Products and services are subject to eligibility, status, terms and conditions and availability. All lending is subject to status and our lending criteria. The right to decline any application is reserved.


      Click here to view our full product brochure.

      What is Refinance?


      How Refinance works


      Refinancing uses the value of assets you already own to help your business. With Sale and HP Back – a type of refinancing – you sell your equipment to us, and we lend you the money you need to invest in your business.


      You pay us back in line with what the equipment earns for you. Once you’re done paying us back, you own the equipment again.


      This works whether you own the equipment outright or are already financing it with someone else. 


       

      Who is Refinancing for?  


      Refinancing is for anyone looking to unlock the value of their existing assets to support their business. Whether you own equipment outright or are financing it elsewhere, refinancing can provide a quick way to access funds for things like new equipment, improving cash flow, or other business needs.


      It’s a flexible option suitable for businesses of all sizes, including sole traders. 

      Advantages of Refinance:


      • Get more cash easily: Asset refinancing is a quick and simple way to get extra money for your business needs. You get to keep using the asset you put up as security.
      • Pay over a longer time: We can take over your current financing deal with another company and extend the time you have to pay. The costs are fixed, so there won't be any surprises while you're repaying the loan.
      • Choose what's best for you: Use the cash injection for your business or buy other things you need. It's more flexible than some other financing options.
      • Decide quickly: Getting cash from your assets helps you make faster decisions when dealing with business contracts. Use the money for hiring people, buying new things, or expanding your workspace.


      Finance is secured against the asset and/or equipment. If you're unable to keep up with your payments we may repossess the asset and/or equipment.


      Products and services are subject to eligibility, status, terms and conditions and availability. All lending is subject to status and our lending criteria. The right to decline any application is reserved.


      Click here to view our full product brochure.

      What is Finance Lease?

      How Finance Lease works


      Think of Finance Lease as a long-term rental for business assets (or equipment, which is the same thing). Instead of buying the asset upfront, you pay rent to use it, with a flexible rental period to match your needs and cash flow fluctuations, which we know can change month-to-month. You cover the cost of the payments, including the agreed interest, for the duration of the rental period. 


      At the end of the initial lease, you have various options available to you:


      • Keep on using: Continue leasing the asset by extending the rental period – otherwise known as a ‘secondary rental period’
      • Sell and earn: You can sell the equipment and keep a share of what the asset is sold for
      • Return: Give the equipment back to us if you no longer need it or want to upgrade to something newer


      Who is Finance Lease for? 


      Finance lease is for businesses that need equipment but prefer not to purchase it outright. It's suitable for companies looking to use assets like machinery, vehicles, or technology without a large upfront cost. Whether you're a small construction firm needing a forklift or a larger operation needing specialist equipment, finance lease offers flexibility by allowing you to pay for the equipment over time while having the option to keep, sell, or return it at the end of the lease term. 

      Advantages of Finance Lease:


      • Get what you need without a big upfront cost: You can quickly get the equipment you want without paying a large sum upfront. Instead, payments are broken into monthly instalments.
      • Customise payments to match your cash flow: Work with us to adjust the rental payments and lease periods to match how and when money comes into your business.
      • Earn money back: If you decide to sell the equipment at the end of the lease, you will get money from the sale.
      • Tax Benefits: If your business is VAT registered, you only pay VAT on the monthly rental payments, not on the entire purchase price. This helps reduce your taxable profit, potentially saving you money on taxes. If your business is not VAT registered, you can spread the VAT cost by including it in your monthly rental rather than paying it as a one-off payment.
      • For more information on VAT registration, please visit gov.uk/vat-registration/overview


      Finance is secured against the asset and/or equipment. If you're unable to keep up with your payments we may repossess the asset and/or equipment.


      Products and services are subject to eligibility, status, terms and conditions and availability. All lending is subject to status and our lending criteria. The right to decline any application is reserved.


      Click here to view our full product brochure.

      What is Operating Lease?


      How Operating Lease works


      In common with Finance Lease, an Operating Lease lets you rent the asset from us for the duration you require it.


      The main difference lies in the fact that an Operating Lease covers only a portion of the asset's total useful life meaning you pay a lower rental fee because it's calculated based on the difference between the asset's initial purchase cost and its residual value at the agreement's end.


      You enjoy complete access to the asset for your required duration, without the obligation of managing its disposal or recovering its residual value.


      Who is Operating Lease for?

      Operating Lease is suitable for businesses that need equipment but prefer not to purchase it outright. It means you can use equipment, vehicles, or technology without a large upfront cost while paying a lower monthly rental fee.

      Advantages of Operating Lease:


      • Affordable start: Get the asset you need without a big upfront cost   
      • Complete usage freedom: Use the asset fully without buying it outright 
      • Flexible choices: Decide at the end of the term whether to re-rent, buy, or return the asset 
      • Lower payments: Rental cost is less because it's a percentage of the initial cost 
      • Cost savings: Reclaim VAT on rentals to reduce overall costs 


      Finance is secured against the asset and/or equipment. If you're unable to keep up with your payments we may repossess the asset and/or equipment.


      Products and services are subject to eligibility, status, terms and conditions and availability. All lending is subject to status and our lending criteria. The right to decline any application is reserved.


      Click here to view our full product brochure.

      • Hire Purchase

        What is Hire Purchase?


        How Hire Purchase works 

         

        Hire Purchase is a great way to get what you need because you get to choose, use and manage the assets you need for your business over an agreed period, typically up to five years.


        The regular instalments you pay as part of your agreement will cover: 


        • The asset's depreciation
        • Interest on the cost of the asset


        At the end of the term, you get to choose to buy the asset and own it outright.


         

        Who is Hire Purchase for?  


        Hire Purchase is especially handy for:   


        • Businesses who want to keep control of their cash flow by knowing what their investments are going to cost them over the long-term, allowing them to budget effectively
        • Purchasing ‘hard’ assets like vehicles, machinery, equipment and other assets with resale value

        Advantages of Hire Purchase:


        • More time to repay: By spreading the cost over the life of the asset, a benefit is that you can lower the initial up-front payment. This matters because it gives you a long-term view of the fixed monthly payments you will need to make over the term of the agreement, which – in turn- helps you with your budgeting
        • Seasonality: If your business – like many others – has busy times and less busy times throughout the year, your monthly repayments can be adjusted in line with your sales peaks and troughs. For example, during the lead into the festive season your sales volumes might peak, but in the month or two after New Year, they fall back
        • Keep control: With Hire Purchase, you're in charge. You get full use of the asset throughout the repayment period and may even claim capital allowance. Capital allowance is a type of tax relief that businesses can claim when they spend money on long-term assets for use in the business. You can deduct some or all of the value of the asset from your taxable profit
        • Tax efficient: Financing your asset purchase through Hire Purchase can be tax-friendly because lease payments are treated as expenses, offering potential tax benefits compared to standard loans. Although asset depreciation also provides tax benefits, the useable lifetime of the asset will vary depending on the asset and on local regulation
        • Reclaim VAT: If you're VAT registered, you may reclaim VAT. For details on VAT registration, visit gov.uk/vat-registration/overview


        Finance is secured against the asset and/or equipment. If you're unable to keep up with your payments we may repossess the asset and/or equipment.


        Products and services are subject to eligibility, status, terms and conditions and availability. All lending is subject to status and our lending criteria. The right to decline any application is reserved.


        Click here to view our full product brochure.

      • Refinance / Capital Release

        What is Refinance?


        How Refinance works


        Refinancing uses the value of assets you already own to help your business. With Sale and HP Back – a type of refinancing – you sell your equipment to us, and we lend you the money you need to invest in your business.


        You pay us back in line with what the equipment earns for you. Once you’re done paying us back, you own the equipment again.


        This works whether you own the equipment outright or are already financing it with someone else. 


         

        Who is Refinancing for?  


        Refinancing is for anyone looking to unlock the value of their existing assets to support their business. Whether you own equipment outright or are financing it elsewhere, refinancing can provide a quick way to access funds for things like new equipment, improving cash flow, or other business needs.


        It’s a flexible option suitable for businesses of all sizes, including sole traders. 

        Advantages of Refinance:


        • Get more cash easily: Asset refinancing is a quick and simple way to get extra money for your business needs. You get to keep using the asset you put up as security.
        • Pay over a longer time: We can take over your current financing deal with another company and extend the time you have to pay. The costs are fixed, so there won't be any surprises while you're repaying the loan.
        • Choose what's best for you: Use the cash injection for your business or buy other things you need. It's more flexible than some other financing options.
        • Decide quickly: Getting cash from your assets helps you make faster decisions when dealing with business contracts. Use the money for hiring people, buying new things, or expanding your workspace.


        Finance is secured against the asset and/or equipment. If you're unable to keep up with your payments we may repossess the asset and/or equipment.


        Products and services are subject to eligibility, status, terms and conditions and availability. All lending is subject to status and our lending criteria. The right to decline any application is reserved.


        Click here to view our full product brochure.

      • Finance Lease

        What is Finance Lease?

        How Finance Lease works


        Think of Finance Lease as a long-term rental for business assets (or equipment, which is the same thing). Instead of buying the asset upfront, you pay rent to use it, with a flexible rental period to match your needs and cash flow fluctuations, which we know can change month-to-month. You cover the cost of the payments, including the agreed interest, for the duration of the rental period. 


        At the end of the initial lease, you have various options available to you:


        • Keep on using: Continue leasing the asset by extending the rental period – otherwise known as a ‘secondary rental period’
        • Sell and earn: You can sell the equipment and keep a share of what the asset is sold for
        • Return: Give the equipment back to us if you no longer need it or want to upgrade to something newer


        Who is Finance Lease for? 


        Finance lease is for businesses that need equipment but prefer not to purchase it outright. It's suitable for companies looking to use assets like machinery, vehicles, or technology without a large upfront cost. Whether you're a small construction firm needing a forklift or a larger operation needing specialist equipment, finance lease offers flexibility by allowing you to pay for the equipment over time while having the option to keep, sell, or return it at the end of the lease term. 

        Advantages of Finance Lease:


        • Get what you need without a big upfront cost: You can quickly get the equipment you want without paying a large sum upfront. Instead, payments are broken into monthly instalments.
        • Customise payments to match your cash flow: Work with us to adjust the rental payments and lease periods to match how and when money comes into your business.
        • Earn money back: If you decide to sell the equipment at the end of the lease, you will get money from the sale.
        • Tax Benefits: If your business is VAT registered, you only pay VAT on the monthly rental payments, not on the entire purchase price. This helps reduce your taxable profit, potentially saving you money on taxes. If your business is not VAT registered, you can spread the VAT cost by including it in your monthly rental rather than paying it as a one-off payment.
        • For more information on VAT registration, please visit gov.uk/vat-registration/overview


        Finance is secured against the asset and/or equipment. If you're unable to keep up with your payments we may repossess the asset and/or equipment.


        Products and services are subject to eligibility, status, terms and conditions and availability. All lending is subject to status and our lending criteria. The right to decline any application is reserved.


        Click here to view our full product brochure.

      • Operating Lease

        What is Operating Lease?


        How Operating Lease works


        In common with Finance Lease, an Operating Lease lets you rent the asset from us for the duration you require it.


        The main difference lies in the fact that an Operating Lease covers only a portion of the asset's total useful life meaning you pay a lower rental fee because it's calculated based on the difference between the asset's initial purchase cost and its residual value at the agreement's end.


        You enjoy complete access to the asset for your required duration, without the obligation of managing its disposal or recovering its residual value.


        Who is Operating Lease for?

        Operating Lease is suitable for businesses that need equipment but prefer not to purchase it outright. It means you can use equipment, vehicles, or technology without a large upfront cost while paying a lower monthly rental fee.

        Advantages of Operating Lease:


        • Affordable start: Get the asset you need without a big upfront cost   
        • Complete usage freedom: Use the asset fully without buying it outright 
        • Flexible choices: Decide at the end of the term whether to re-rent, buy, or return the asset 
        • Lower payments: Rental cost is less because it's a percentage of the initial cost 
        • Cost savings: Reclaim VAT on rentals to reduce overall costs 


        Finance is secured against the asset and/or equipment. If you're unable to keep up with your payments we may repossess the asset and/or equipment.


        Products and services are subject to eligibility, status, terms and conditions and availability. All lending is subject to status and our lending criteria. The right to decline any application is reserved.


        Click here to view our full product brochure.



      Hire Purchase solutions that

      supports smarter business growth


      Hire purchase is a structured finance option that allows businesses to acquire equipment while spreading the cost over an agreed term. Rather than paying the full cost upfront, repayments are made in regular instalments, helping businesses manage cash flow and plan expenditure more effectively. You can use and manage the asset throughout the agreement, supporting day‑to‑day operations and long‑term business needs.


      Because hire purchase repayments are fixed and agreed in advance, it provides a predictable way to invest in assets that support productivity and growth. At the end of the term, there is usually the option to take ownership of the asset, giving businesses a clear path to ownership while retaining control throughout the agreement. This makes hire purchase a practical and widely used finance solution for businesses investing in equipment, vehicles, and machinery.




      


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      Hire Purchase Solutions