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What is Hire Purchase?

Hire purchase enables businesses to purchase new assets without compromising cash flow by staging the payments over a longer period. By paying a hire purchase company through a series of instalments, you avoid the need to buy the asset outright and reduce the impact of the investment on your business.

Although you’ll be responsible for the asset’s maintenance throughout the duration of the hire purchase contract, the fixed monthly payments help with budgeting and, at the end of the agreement, your company will have the option to buy the asset.

As a specialist asset based finance broker, we have access to a large number of asset finance providers and can help your business secure the most suitable facility. To discuss your requirements with one of our expert team, call 0800 9774833 or request a call back.

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How does hire purchase work?

Hire purchase company buys the asset you require
You then lease it from the hire purchase company in return for regular payments
Once the hire purchase contract is over, you decide whether or not to buy the asset

Benefits of hire purchase

Avoids the cash flow implications of buying new assets in one lump sum
Your business can access assets of a higher specification
The interest that’s applicable is typically lower than the interest accompanying an overdraft or bank loan
Monthly repayments allow for accurate cash flow forecasting
It is possible to claim capital allowances against tax on commencement of the hire purchase agreement

Is hire purchase right for my business?

This depends on a number of factors, for instance how long you require the asset for, or whether you might benefit from an additional funding boost.

For instance, a variation on this product which could be more suitable is lease purchase, which works in the same way except the residual value is offset until the end of the agreement. This helps to reduce the repayments, and also ensures you own the asset outright at the end of the contract.

Finding the right hire purchase company

We have access to a wide range of hire purchase companies on the market to help businesses secure the most suitable facility for their requirements.

We can discuss your unique needs and wants and help you to make the right decision when it comes to your funding.

Call our team today on 0800 9774833 or request a call back to find out how hire purchase could work for you.

Alternatively, find the right asset finance facility here.

We were really impressed with the speed at which we could get a facility in place. Hilton-Baird recognised and related to our situation and worked with speed and efficiency to get us up and running.

Steve Marney, Managing Director, South East Construction & Recruitment

Related Resources

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Your Essential Guide To Asset Finance

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Asset Finance Is On The Up: Could You Benefit?

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How To Finance The Purchase Of Plant And Machinery

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We are a credit broker and not a lender and offer credit facilities from a panel of lenders

Hire Purchase