Hire Purchase

Hire Purchase

Hire Purchase

Get a no obligation Quote? Need a quote? Want to learn more about our Asset Finance services? Our team of specialised brokers are on hand to guide you through the process and help you with your questions you may have.

Customer Reviews

Testimonial - Manufacturing & Engineering

"Asset Funder provided us with a professional and efficient service.

The staff were very helpful and enabled the purchase of £400k worth of machinery to go through seamlessly.

John S, Manufacturing & Engineering

What is Hire Purchase?

Hire purchase or HP is an instalment purchase where the business (the hirer) spreads the cost of the item over a set period of time rather than paying the cost to buy the item as a single upfront payment. This is a great option for businesses looking to invest in new equipment.

After an initial deposit has been paid, the monthly or regular payment will include the agreed interest amount as well as payment towards the overall cost of the item. At the end of the HP agreement, the item is then owned outright by the hirer. A common example of this is when people buy a car – you may pay for it over five years and at the end, the car is yours to keep.

What are the advantages of a Hire Purchase agreement?

Hire Purchase agreements can be beneficial to your business in a number of ways:

  • With ownership, you have total control of the asset
  • Spread the cost of ownership over the working life of the asset
  • VAT on the cost of the asset is often reclaimable and can be deferred up to 3 months
  • Fixed or Variable interest rates, choose what best suits your business needs
  • The Asset will appear on the company balance sheet
  • Interest element of payments can be offset against taxable profits

How Asset Funder can help you

Asset Funder can provide quick turnaround HP agreements on a variety of business assets including (but not limited to) commercial vehicles, construction and plant equipment, machine tools, IT hardware & software and luxury & classic cars. 

We provide a fast and simple service, with decisions being made quickly and funds transferred soon after. Our expertise and over 30 years in asset finance means that we can always advise you of the best options for your business. 

How to apply for a Hire Purchase agreement 

If you need help getting a hire purchase agreement, get in touch today. Alternatively, if you’d like to learn more about our services, we’d be happy to tell you more. We’re always happy to explain our finance solutions to you, so you can make a choice that is fully informed. Get the funding for your business needs by calling us on 0800 999 69 62 or emailing us. Alternatively, if you'd like to get your finance approved today just click on the link below.

Get a Hire Purchase Quote Today

Our Stats