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Hire Purchase

If you wish to buy equipment or Machinery outright, hire purchase provides a flexible and cost effective alternative to bank loan or overdraft funding.

Hire Purchase (or lease purchase, as it's also known) can give you the best of both worlds. You get the asset straight away but you can spread the payments over the life of the asset, and you can keep it at the end of the term for a nominal fee.

How Hire Purchase works

Hire Purchase is a way to buy the assets you need without depleting your cash reserves. Hire Purchase is flexible and tax efficient and can be used to buy anything from IT to plant and machinery. Hire Purchase also gives you ownership title, making it suitable if you want to purchase something you want to keep or eventually sell.

There is usually no need for additional security as the finance is secured on the asset. Also, Hire Purchase is a tax-efficient way to buy assets as the interest on the payments is tax deductible and capital allowances on the equipment can be claimed immediately.

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