Business Hire Purchase
Business hire purchase (HP), also known as ‘lease purchase’, is a finance solution that gives you ownership of the asset but without the upfront costs. Instead, you spread the cost across affordable monthly repayments and have the option to buy the asset at the end of the contract.
We provide flexible business HP finance designed to suit your requirements and budget, allowing for a steady cashflow.
How Does Business Hire Purchase Work?
With hire purchase business finance, you put down a deposit, make monthly payments and, at the end of the term, you have the option to own the asset.
If business hire purchase is a more convenient way of funding assets for your company, we can offer business HP finance agreements. They differ slightly from leases, where VAT is paid up-front. This suits some businesses for accounting purposes.
Hire Agreements: An Alternative to Business Hire Purchase
Hire or rental agreements are a form of business HP finance that is often used for technology finance. This is effectively a long-term hire of the assets that you require – once the contract is finished, you can return the items.
Our flexible approach to hire agreements means that we can offer hire purchase business payment plans to suit your requirements, whether that is monthly, quarterly or even yearly repayments.
Hire agreements are beneficial for businesses looking for an asset lease off the balance sheet. Although VAT is charged, the payments are fully tax deductible.
Benefits of Hire Purchase for Business
Our fast and simple approach to business HP finance means that we can get a decision for you when you need it the most. If you want to see how we can help you with hire purchase for business, get in touch with our friendly team.
Other products you may be interested in
We offer a range of business financing solutions to meet the needs of various industries. Backed with decades of banking and finance experience, our team works with thousands of companies throughout the UK. We help them optimise cashflow and achieve their goals through a range of business finance solutions, including:
Contract Hire
Contract hire is a cost-effective business finance service for companies that require support with vehicle leasing. Offering the use of new cars or commercial vehicles without the headaches of ownership, this business financing option is a great way to manage your fleet without the risks of depreciation.
Are you a Supplier looking for finance for your customers?
If you sell any form of equipment, machinery or commercial vehicles, why not offer point of sale finance to your customers? You can make supplier finance arrangements through any one of our group businesses, where local knowledge is backed by national support.
