When you agree to a hire purchase you will make fixed monthly payments over an agreed amount of time. After the contract ends you will have full ownership of the asset.
A variety of hire purchase finance solutions are available and can be tailored to suit the needs of your business and budget.
A variety of hire purchase finance solutions are available and can be tailored to suit the needs of your business and budget.
The benefits of hire purchase:
Fixed monthly costs
Spread the costs of expensive assets
You will have the option to own the asset at the end once all payments have been made
You can opt for a balloon payment at the end to reduce monthly costs
The different types of asset finance we offer
Highly competitive rates from across over 40 lenders, getting you more for your money and the tools to boost business growth
Finance Lease
A finance lease is a method of financing assets where they remain the property of the finance company that hires them and you pay for the hire of the asset(s).
Lease Purchase
Regular payments are structured like a lease/rental agreement, but you agree to take ownership of the asset after all payments have been made.
Hire Purchase
You hire the goods and then pay an agreed amount by instalments. You don't own the goods until you have paid the agreed amount in full.
Finance solutions for all requirements
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
© Copyright 2021 Asset Finance & Refinance Limited. All rights reserved. Authorised and licensed by the FCA.
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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