Finance options available of a Hire Purchase
| HIRE PURCHASE - Representative Example | |
|---|---|
| (36) Monthly Payments | £203.91 |
| Cash Price inc VAT | £8,500.00 |
| Customers Deposit | £2,125.00 |
| Amount of Credit | £6,375.00 |
| Charge for Credit | £965.76 |
| Total amount payable | £9,465.76 |
| Fixed rate of interest per a year | 9.4 |
| Duration of agreement | 36 Months |
| Representative APR | 9.9% APR Representative |
| Option to Purchase Fee | £10 |
All finance is subject to status and affordability checks, terms and conditions apply. Please note this is a quote and for indicative purposes only. Documentation fees may apply.
What is a Hire Purchase?
Hire purchase is a form of finance that can be used to buy new or used equipment. You essentially hire the asset over the contract period and once the facility has been paid off, you are the legal owner of the asset. Payments and interest rates are generally both fixed, although prior arrangements can be made to add flexibility to repayments depending on your financial situation.
Benefits of Hire Purchase:
1. Rather than one large sum, you can spread the cost over a term of 24 to 60 months.
2. Makes larger more expensive assets more affordable to the business.
3. Flexibility, you can choose a fixed term and deposit that suits you.
4. As the hire purchaser, you’ll own the asset after paying the option to purchase fee at the end of the agreement.
5. There are usually no tax charges on Hire Purchase agreements.
6. Hire Purchase can be paid off early, terms and conditions apply.
Brian James Trailers Limited are an Introducer Appointed Representative of Credo Capital Finance Limited, FRN: 799592. Credo Capital Finance Limited who are authorised and regulated by the Financial Conduct Authority, FRN: 670362, authorised for Credit Broking and as a lender. Credo work with a panel of lenders. Credo do not charge you a fee for our brokering service, whichever lender we introduce you to, we will receive commission from.