Hire Purchase is a finance solution that allows you to acquire the asset your business needs while spreading the cost over an agreed term, typically 2 to 5 years.
You use the asset while making regular repayments, which cover both capital and interest. Once all payments are complete and the final fee is paid under the agreement, ownership transfers to you.
Warning: If you do not meet the repayments on your credit facility agreement, your account will go into arrears. This may affect your credit rating, which may limit your ability to access credit in the future.
Warning: You may have to pay charges if you repay early, in full or in part, a fixed-rate credit facility or hire purchase agreement.
*Customers should seek independent tax advice when considering this product.
