Hire purchase is a type of financing agreement in which a customer pays for an item, such as a vehicle or piece of machinery, in regular instalments over a set period of time. The customer is not the owner of the item until the final instalment is paid.
With hire purchase, the customer pays a deposit, then makes regular instalments, usually monthly, over an agreed upon period of time. Once the final instalment is paid, the customer becomes the owner of the item.
Yes, there may be additional fees associated with hire purchase, such as interest or administrative charges. It's important to carefully read and understand the terms of the agreement before signing.
It depends on the terms of the agreement. In some cases, you may be able to return the item and terminate the agreement, but there may be fees for doing so.
Yes, in most cases, customers can make extra payments to pay off their hire purchase agreement early, but it is always best to check the terms of the agreement before doing so.
Yes, a hire purchase agreement can affect your credit score and that of the business. If you miss payments, it can negatively impact the score. However, if you make all your payments on time, it can help to improve the score over time.
Why choose us?
Regardless of your situation, we aim to provide a finance solution that is specific to you
We understand that each applicants’ requirements and circumstances are different and may not necessarily fit in to set parameters
Finance and refinance solutions for most assets considered
Exceptional customer service and support that's with you every step of the way
Licensed credit broker that is authorised and regulated by the Financial Conduct Authority (FCA)
Variable rate and seasonal payment options offered
Our expert team are always on hand to provide specialist knowledge and advice
Disclaimer: Asset Finance and Refinance limited act as a licensed credit broker and not a lender, authorised and regulated by the Financial Conduct Authority, registration number 773835. All finance is subject to status and income. Applicants must be 18 or over, terms and conditions apply, guarantees and indemnities may be required. Written quotations on request. Certain exclusions for NI residents. Asset Finance and Refinance Limited can introduce you to a limited number of finance providers based on your credit rating and we may receive a commission for such introductions.
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