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If you wish to purchase an asset and spread the cost over a period of time, you may want to consider hire purchase. Unlike leasing something and having to return it at the end, hire purchase allows you to own the asset outright and upfront without having the money in the bank.
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Your business may need some new vehicles or machinery, but you may not have the ready funds to buy these right away. Your company can also benefit as you may be able to claim tax relief on the commencement of your hire purchase agreement. Hire purchase can help with the expansion of a company that needs new assets in order to achieve further growth.
The repayments and deposit are flexible depending on your business and there are fixed and variable rates to suit. It is often a cheaper way to secure funding for equipment or vehicles than with another type of loan or an overdraft making it an ideal way to help a business grow. The cost can be spread over a long period of three to five years, and is relatively easy to obtain as there is a lower risk for the lender.
You should take into account that if, for any reason, you are unable to make repayments on time, that the lenders could seize the assets that you have taken on hire purchase. However with careful financial planning this can be avoided. In some situations, the asset your company has purchased may depreciate and lose much of its value, so it's well worth doing a bit of homework beforehand on the assets you're intending to purchase.
Mortgage brokers will help you decide whether hire purchase is for you or whether there are other alternatives, such as leasing or lease-purchase, to fit your company's needs. Our experts will assist you through the entire process. Get in touch to find out more.
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The content included in our articles, blogs, web pages and news publications is based on information accurate at the time of writing. Note that policies and criteria can change regularly throughout the UK mortgage lending market, and it remains essential to contact the consultation team to receive up to date guidance. The information included on the Revolution Brokers site is not bespoke to any circumstances or individual application scenarios and therefore is not intended to be used as financial advice. The content we share is designed to be informative and helpful but cannot be relied upon to provide individual advice relevant to your mortgage requirements. All Revolution team members are fully qualified, trained and experienced to provide mortgage advice of an independent nature.
We collaborate with lenders and providers who are regulated, authorised and registered with the Financial Conduct Authority (FCA). Should you require specific mortgage borrowing types, some products such as buy to let mortgages may not be FCA regulated. The Revolution team can provide further information about regulated and unregulated lending as required. Please remember that a mortgage is a debt which is secured against your home or property. Your home can be at risk of repossession if you do not keep up with the repayments or encounter any other difficulties in managing your mortgage borrowing responsibly. This also applies to any remortgage or home loan secured against your property, including equity release products.