Hire Purchase

In business, money is everything. Even successful businesses look for ways to cut monthly costs and better serve the bottom line. This can be difficult when businesses require equipment in order to thrive. While such equipment may be necessary, it may also prove excessively costly for the budget.

In such instances, businesses may be interested in alternative measures. While sacrificing the equipment is usually a poor long term decision, there are ways to obtain the needed equipment without facing the high costs upfront. For businesses in this position, hire purchases are viable options.

What is a Hire Purchase?

Hire purchases are unique financial agreements in which a third party buys the necessary equipment and agrees to lease it to the interested business. In this way, the third party owns the equipment, although the business or individual has full access and use of it due to paying an upfront percentage of the overall cost. Then businesses lease the equipment with monthly payments, designed to spread out the cost of the equipment over a set period of time.

Features of a Hire Purchase

Hire purchases from Fresh River Finance offer the following advantages to clients:

• Flexible financing terms
• Fixed interest rate
• Monthly repayments are fixed
• Costs are known in advance
• The finance is secured against the equipment, allowing lower interest rates

Fresh River Finance takes pride in offering flexible hire purchases. Fresh River Finance can ensure competitive terms and individualised conditions.

Other finance options

If you are considering a Hire Purchase , you may also want to consider other business car finance options such as a Finance Lease, Security Deed or Operating Lease.

Want to know more?

If you have any questions or would like to know more about a Hire Purchase, please complete our friendly enquiry form and one of our finance consultants will contact you shortly.

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