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Hire Purchase Explained
How to use Hire Purchase as a option to get into your next car
To Apply for a Car Quote Using Hire Purchase, click here
Hire Purchase is a simple and popular way of purchasing a vehicle, with worthwhile tax advantages for businesses. If ownership is a priority, this is an extremely cost effective method of borrowing.
Cashflow Benefits
Paying an initial deposit, calculated as a percentage of the total cost this is followed by fixed monthly repayments; which allows you to budget monthly expenditure precisely in advance.
Tax Implications
Business users may claim tax relief on the interest charged. The vehicle is also classified as an asset, which allows it to be written down against taxable profits by 25% or £3000 (maximum per annum).
Who Owns the Vehicle at the End of the Agreement?
At the end of the agreement, which may be from 1 to 5 years, you become the outright owner of the vehicle.
To Apply for a Car Quote Using Hire Purchase, click here
Car Lease vs Buy a New Car | Special Offers | Car Leasing Blog | PCH (Personal Contract Hire) | PCP (Personal Contract Purchase) | Contract Hire | Contract Purchase | Hire Purchase | Lease Purchase | Finance Lease | Sale and Leaseback | Short Term Contract Hire | Email a Friend | Useful Links | Link To Us | Links | Skip Hire | About Us | Contact Us | Privacy Policy | Sitemap | Hire Purchase (HP)