Hire Purchase
A smart solution to asset finance
A hire purchase is a commercial finance product where you hire the vehicle from the lender for a fixed monthly repayment over a set period. Otherwise known as corporate hire purchase, hire purchase or offer to hire. It’s a good choice if you are registered for GST on an accruals or cash accounting basis. It is basically a friendlier leasing option where you own the asset by the end of the term.
The lender agrees to purchase the asset/equipment/vehicle on your behalf and then hires it back to you over a set period. You’ll have full use of the asset for the term of the contract, you just won’t be the title owner. At the end of the term, when the total price of the vehicle (minus any residual costs) and the interest charges have been paid in full, you then take ownership of the asset.
At Seamless Broking, we have years of experience in business lending. We can happily sit down with you, review the numbers and confirm your eligibility. From there, we can assist you in securing the finance that is ideal for your businesses specific needs. If this sounds like a good plan to you, simply contact us through the form on this page and one of our friendly team will be in touch
