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Hire Purchase

Hire purchase is a flexible way of financing an asset with the option of keeping the asset at the end. After you’ve completed the last payment, you can become the owner of the asset.

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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.

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.

Revolution 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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FCA disclaimer

*Based on our research, the content contained in this article is accurate as of most recent time of writing. Lender criteria and policies change regularly so speak to one of the advisors we work with to confirm the most accurate up to date information. The information on the site is not tailored advice to each individual reader, and as such does not constitute financial advice. All advisors working with us are fully qualified to provide mortgage advice and work only for firms who are authorised and regulated by the Financial Conduct Authority. They will offer any advice specific to you and your needs. Some types of buy to let mortgages are not regulated by the FCA. Think carefully before securing other debts against your home. As a mortgage is secured against your home, it may be repossessed if you do not keep up with repayments on your mortgage. Equity released from your home will also be secured against it.

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