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Lease Purchase

Is an agreement with the lender that allows you to use the asset and maintain the asset as if it were your own with the added flexibility of payment and exit options such as selling the asset, giving it back or purchasing it from the lender.

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There are many ways to acquire assets, such as equipment for your business without paying for them upfront. Hire purchase is one way, but some companies may not need to own the equipment or vehicle outright, in which case leasing the asset may be the best option.

The acquisition of assets can be a costly commitment for many businesses. However, there are many advantages to leasing the equipment or vehicles you need, perhaps to expand your business.

Leasing is a common form of finance which allows you to borrow an asset over a fixed period in return for regular payments. It's a simple transaction whereby the company chooses the products it needs and the lender buys it on behalf of the business

Lease Purchase

The company will be expected to take good care and maintenance of the asset, insuring it as necessary. The lease can be continued once the loan period ends, or it can be sold second hand to another party. One advantage of leasing an asset is that it will not appear on the company balance sheet, as it is not the rightful property of the business and the full cost of the lease can be deducted as taxable income.

With a lease purchase agreement, the company pays an upfront deposit and a series of monthly payments for the agreed term. The costs are calculated using the retail value of the asset and you may be able to defer your part of the loan until the end of the agreement, which means lower monthly payments. You must have fully comprehensive insurance with a vehicle lease purchase. If you can offer a larger initial deposit, the monthly repayments may be less. With this type of agreement, you enter into a contract to fully purchase the asset at the end of the term.

Talk to Revolution Finance Brokers if you are need funding for business assets.

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FCA disclaimer

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.

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