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Hire Purchase

The most widely understood funding method for car and commercial vehicle purchase.
The total cost of the vehicle plus interest is repaid at fixed monthly cost over an agreed period.

Deposits range from zero upwards and terms from 24 to 60 months.
Where a commercial vehicle is involved it is usual for the Finance Company to request the full cost of the VAT as a minimum deposit, as this is recoverable by VAT registered companies.

The features and benefits of Hire Purchase for business users include:

Tax efficient on higher value cars
No VAT on payments
Usually minimum deposit of 10%, & fixed rentals
Residual value risk/reward carried by customer
Typically 2-5 year funding period
All makes of cars and vans
Asset & funding shown on balance sheet
Maintenance can be provided via separate contract
Asset cost paid off in full over period of contract
No mileage restrictions during the contract

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