Hire Purchase is a flexible finance option which allows a business to hire assets (such as vehicles, machinery or equipment) through paying agreed monthly instalments with the option to purchase the asset at the end of the agreement. You don’t own the asset until you have paid in full.
- Fixed and variable rate options available
- Spread the cost of expensive assets.
- Find your own asset.
- Choose the payment term, from 12 to 84 months.
- No arrangement fee to pay when you apply online.
If you're a Sole Trader or Partnership of 2 or 3 partners borrowing up to £25,000.00, or a private individual borrowing any amount, your agreement will be regulated by the Consumer Credit Act (1974). This means you'll have a Fixed Rate Regulated Conditional Sale agreement. Check out our factsheets for more information Fixed Rate Conditional Sale (PDF, 274KB), Fixed Rate Hire Purchase (PDF, 181KB), Variable Rate Hire Purchase (PDF, 215KB).