Product Overview
Understanding Hire Purchase
Hire Purchase allows businesses to acquire a wide range of assets: vehicles, plant and machinery and equipment whilst spreading the cost over an agreed term through fixed repayments to fit your cashflow needs. The asset acts as security for the agreement, with ownership transferring once all repayments and any option to purchase fee have been paid.
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Agreement terms, deposit requirements and VAT treatments may vary depending on the asset type, funding structure and individual business circumstances.
Key Benefits of Hire Purchase
Preserve Working Capital
Spread the cost of acquiring business assets without significant upfront capital expenditure.
Fixed Repayment Structure
Structured repayments provide clarity and support cash flow planning throughout the agreement term.
Ownership At The End Of The Agreement
Once all repayments and the option to purchase fee have been paid, ownership transfers to your business
Additional Hire Purchase Information
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Funding available for new and used business assets
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VAT deferral options may be available depending on the agreement structure
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Balloon or seasonal repayment structures available depending on the asset being funded
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Fixed repayment structures to fit cashflow needs
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The asset acts as security for the agreement
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Minimum transaction size - £10k
Typical Hire Purchase Assets
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Cars, vans, commercial vehicles, trailers
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Bus and coach
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Plant and construction equipment
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Cranes
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Waste recycling
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Machinery
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Renewables
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Agricultural and farming equipment
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Technology assets
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Healthcare and medical assets
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Specialist industry assets including marine and aviation
The Hire Purchase Process
A seamless, expert-led journey from asset identification to full ownership
01
Initial Consultation
Discuss your asset finance requirements and preferred terms with our team.
02
Indicative Funding Review
We assess suitable funding options and provide indicative quotations based on your individual requirements and circumstances. Working with a large panel of funders, we will deliver competitive terms to help you make the choice which works best for your business.
03
Approval & Documentation
Working with our panel of funders, we take care of all credit and KYC due diligence and once credit approval is reached, we will work with your suppliers to complete documentation and finalise paperwork with you.
04
Asset Delivery & Ownership
Once we have completed all checks and all documentation is signed, we will get your suppliers paid quickly so that your asset is delivered fast.
Once all repayments have been made, including the option to purchase fee, full legal ownership transfers to your business.