what is hire purchase?
With hire purchase, we purchase the equipment on your behalf and create a tailored repayment plan to suit your budget.
At the end of the agreed term, our hire purchase solution gives you the opportunity to take ownership of assets for a nominal fee.
Hire purchase is often used for acquiring larger equipment, spreading the cost into manageable payments with ownership at the end of the term.
the benefits of hire purchase.
There are several key benefits to using equipment lease to fund equipment instead of outright purchase, even if you have the money available:
Preserve cashflow
Preserve your cashflow for operational costs and contingency.
Manage budgets
Spread the cost of the equipment over a term to suit you. The agreement is fixed term and also at a fixed rate of interest.
Tax efficient
With a HP agreement you may be able to capitalise the asset in your accounts and claim full capital allowances.
Ultimate ownership
At the end of the agreement you will own the equipment for an agreed nominal sum.
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