Hire Purchase

HIRE PURCHASE

Hire Purchase is a traditional form of finance where the entire value of the vehicle is taken as a loan and repaid, with interest, over the period of the contract.

The finance is secured against the value of the asset and the business will take ownership at the end.

  • Repayments can be structured to suit your cashflow
  • You can reclaim the VAT
  • Offset HP charges and interest against pre-tax profits and can normally claim capital allowances
  • You can spread the cost over the period that best suits the lifetime of the asset