Hire purchase

Hire purchase still commands a 25% share of the market although it is one of the original methods of funding vehicles. This is available to both companies and private individuals who wish to purchase their vehicles outright.

This facility may attract people who wish to pay a varying deposits and wanting agreements up to a 60month period.

Hire Purchase will still be an attractive option for certain businesses who are not VAT registered and want their cars to appear as assets in their company accounts. In addition the vehicle can be written down for taxation purposes and all interest charged can be reclaimed.

Benefits of Hire Purchase

• Simple
• Fixed interest rates from the outset
• Variable deposits
• Ownership of vehicle
• Alternative credit line
• No restriction on type of car
• No balloon payment
• Option of early settlement