You can choose to reduce your monthly payments by paying a larger deposit or a large sum at the end (known as a Balloon Payment).
Hire purchase lets you spread the purchase cost of an asset, like a business car or business equipment, over a longer period with fixed regular payments. It can be flexed to suit your business and we offer flexibility on the cost of your deposit, regular monthly payments and the final lump sum.
Customers may be responsible for any maintenance or repairs due on their asset. Contact us or see the terms of the contract for more details.
When deciding what is right for you and your business, it’s important to know the basic difference between hire purchase and leasing. They are both good ways of financing assets like cars and vans.
Leasing is a method of financing that allows you to use an asset over an agreed term and return it at the end. With Contract Hire there is a residual value placed on the vehicle which reduces the lease rentals you pay. Not having to dispose of the assets at the end of the agreement can save both time and effort.
Hire purchase is a flexible way of financing an asset with the option of keeping the asset at the end. After you’ve completed the last payment, you can become the owner of the asset.