HIRE PURCHASE IN UK

Hall Asset Finance deals with finance facilities that are arranged and secured against all types of business vehicles, equipment, and plant machinery.

You can contact us for trustworthy hire purchase brokerage in the UK and get a list of some of the most sought-after asset finance companies to arrange financing for an asset of your selection.

What is a Hire Purchase Agreement?

It is a type of lease agreement that allows you to own the asset at the culmination of the agreement. As per a hire purchase agreement in the UK, the buyer has to make an initial deposit, which is followed by fixed monthly instalments to clear the outstanding balance. Once the agreement has reached its maturity, the buyer is presented with the option to own the asset.

Due to the convenience they offer, hire purchase agreements have become one of the most popular choices for individuals and organisations to fund assets. However, you must rely on trusted hire purchase brokers in the UK to get the best deals, and for this, you can rely on Hall Asset Finance.

HOW CAN HALL ASSET FINANCE HELP WITH HIRE PURCHASE IN THE UK?

With a deep understanding of the financial landscape, Hall Asset Finance takes pride in being ranked among the best hire purchase brokers in the UK. We help businesses get tailored hire purchase solutions that enable them to acquire essential equipment, machinery, vehicles, and technology without a substantial upfront payment.

Key Aspects of Hire Purchase Agreements

The buyer is fully entitled to use the asset during the term of the contract.
The interest rate can be either fixed or variable. It varies from finance company to company.
The agreement duration varies and is decided at the discretion of both parties (customer and finance company)
The buyer holds the responsibility for the maintenance and servicing of the asset, even if they do not technically own it during the agreement period. They are, however, not given this responsibility if they have signed a specific maintenance agreement.

Benefits of
Hire Purchase

The option to own an asset without draining your accounts as it involves making regular instalments.
Different finance companies offer low deposit options, which makes the process convenient for organisations.
In most cases, organisations can choose between fixed and variable rates of interest for their asset.
Beneficial for businesses in terms of corporate tax savings.
Companies can avail the option of offsetting the interest against taxable profits. It allows them to claim capital allowances.
A cost-effective way to own an asset.

The Process of Hire
Purchase

Asset Selection
The first step is the selection of the asset you require for your organisation
Communicate
Next, share details about your organisation and the type of asset you require.
Approval
Based on the available information, we will reach out to the leasing companies and gain approval from them.
Sign the Agreement
Once details with the leasing company are finalised, we will send over the agreement to you for your signature.
Get Your Asset
This is the stage where you will finally be able to acquire the asset after making the initial deposit.