Hire purchase is a type of finance, by which you put down a deposit, then make monthly payments and at the end of the term, you own the asset.
One potential drawback of hire purchase is that failure to keep up with monthly repayments means that the asset can be repossessed, as it is used by the finance provider to secure the loan.
If a Hire Purchase is a more convenient way of funding assets for your business, we can offer HP agreements. They differ slightly from leases, where VAT is paid up-front. This suits some businesses for accounting purposes
If you want to see how Kennet can help you and your business, get in touch with our friendly team by calling us on 01675 469200 or by clicking the link below.