If you like the idea of owning an asset and spreading the costs to help your cash flow, it’s worth considering Hire Purchase.
Hire Purchase – sometimes known as Lease Purchase – gives you the certainty of fixed costs for the duration of the agreement and the option to buy the asset at the end.
Hire Purchase will help you by:
- Putting you in control – you decide whether to buy the asset or not at the end of the agreement.
- Giving you flexible payments – you can reduce monthly payments by paying a final lump sum – known as a balloon payment.
- Offering interest choices – you can choose fixed or variable interest to suit your needs.
- Reducing your tax payments – you can usually claim ‘writing-down’ allowances and capital grants. You may also offset repayment interest against your profits and reclaim VAT (special rules apply to cars).
Hire Purchase is a type of asset finance solution that brings you exceptional flexibility. Smart Funding Hub can provide a Hire Purchase solution that suits you, for example, with a flexible deposit, fixed payments and a final lump sum.