Both Hire Purchase and Lease Purchase allows you to gain eventual ownership of the asset at the end of the repayment term.

Benifits

• You gain ownership of the asset at the end of the agreement
• Fixed monthly repayments allows you to budget over the term of the agreement
• Simple documentation
• A means of spreading the cost over the useful working life of the asset
• You are treated as the owner of the asset for tax purposes and are able to claim capital allowances
• Monthly repayments do not attract VAT
• Hire Purchase charges can be offset against profits for taxation
• You can reclaim VAT on the capital cost of the asset

Suitable assets

• Light and heavy commercial vehicles
• Engineering machinery
• Construction equipment
• Buses, coaches and mini buses
• Plant and miscellaneous machinery