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Hire or Lease Purchase

Hire Or Lease Purchase

Hire Lease Purchase requires little or in certain circumstances, no deposit. The balance or purchase price is then repaid by monthly payments over typical periods of 18 months to 60 months. Once you have made all of the payments, you become the owner of the vehicle.

Hire lease purchase is available on a personal basis and to business. With companies, you retain the vehicles as company assets. The vehicle is classed as a balance sheet asset which allows you to write down the value against your taxable profit and enables you to claim capital allowances. A balloon payment can be added to this product to reduce the monthly repayment. Unlike leasing you cannot recover the VAT on the purchase price of the vehicles. You are liable for all the risks of ownership, maintenance, administration and disposal of the vehicle.

Hire/Lease Purchase features

1. Little or no initial outlay as long as the vehicle is correctly priced.

2. With business the vehicle remains as an asset.

3. The vehicle can be settled at any time and is subject to a settlement figure that is calculated upon request.

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