Hire Purchase

The most straightforward method of purchase. Ideal for a customer who desires outright ownership of their car and probably changes their car at intervals of greater than 48 months.

How does it work?

  • Choose the car (new or used) you like.
  • Choose the most suitable repayment period between 12 and 60 months.
  • You agree on a deposit and monthly repayment to suit your budget.
  • At the end of the agreement as long as all the payments have been made the car is yours to keep.

What are the benefits?

  • At the end of the agreement your business owns the car.
  • By spending less cash up front this helps the business cash flow or use the money to invest elsewhere.
  • Fixed monthly payments makes budgeting easier.
  • The interest you pay if tax deductible.
  • Because the car is an asset on your balance sheet you can write down a proportion of its value against your business profits.