Hire Purchase
Hire Purchase allows outright ownership of the asset and enables you to spread the cost over a term that suits you.
Hire Purchase solutions designed to help
A Hire Purchase agreement allows outright ownership of the asset at the end of the agreement term.
In addition the asset may potentially be claimed against your taxable profit, under your Annual Investment Allowance, which is an advantageous tax benefit that should be explored.
Benefits of Hire Purchase include:
- Expenditure may be allowable against taxable profit within your Annual Investment Allowance in the year of purchase to the sum of £200,000 to £1,000,000
- Easier cash flow budgeting as repayments are fixed
- Capital preservation - existing funds can be used elsewhere
- Interest charges can be offset against profits for taxation
- Outright ownership on completion of the agreement
How to apply for a Hire Purchase agreement
Simply tell us how much you wish to finance, the purpose and the term you prefer. Our finance agreement will be tailored to suit you with fixed payments over an agreed term.
With our in-house specialist underwriters providing quick decisions the funds will be paid by Faster Payments into your bank account within an agreed time.