Hire Purchase

Hire Purchase is a straightforward repayment facility that enables a Private Individual or Business to purchase say a Car or Van. Payment patterns can be tailored to suit individual needs, generally involving a deposit followed by a series of monthly repayments.

• Ownership provides total control of the asset
• Ownership normally carries the potential for claiming writing down allowance and/or capital grants, including any enhanced first year allowances
• VAT on the cost of the asset is normally reclaimable.
• Fixed or variable interest rate - the business makes their assessment and chooses accordingly
• The interest element of repayments can normally be offset against taxable profit
• The asset appears on the company balance sheet