Hire Purchase
Also known as a Lease Purchase, Hire Purchase is very similar to a finance lease, except once you get to the end of the fixed term agreement you own the asset.
If it has a wheel at each corner, this might be the facility to use, but it is also used for other “Hard” assets.
Terms are typically 2-5 years, a deposit and Full VAT is paid followed by payments which do not attract VAT.
Any charges can be offset against profits for taxation.
Depending on the asset funded VAT only deposit can be arranged or VAT deferral can also be used to coincide with your VAT return date.
Assets and equipment that are available to be financed via hire purchase include:
Agricultural Equipment
Buses and Coaches
Cars for Business
Engineering Machinery
Food Processing Equipment
Industrial Equipment
Mission-Critical Equipment
LCVs and HGVs
Manufacturing Equipment
London Black Cabs and Taxis
Waste and Recycling Equipment
Plant and Machinery
Construction Equipment including Scaffolding and Access Equipment
Executive, Luxury, and Super Cars
