Hire Purchase

Hire purchase solutions

Hire Purchase, abbreviated to HP, is a flexible financial agreement that allows people to acquire expensive products like motor vehicles, home renovations or business investments and spread the cost over a period of time. 


This tailored-made hire purchase agreement offers flexible and comfortable repayment options to help you manage your finances better. You have the option to select the deposit amount and final lump sum payment, and the remaining balance, along with the interest, will be calculated for your chosen length of the hire purchase finance loan.

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The difference between loans and hire purchases.


Before buying your required asset, understanding the difference between loans and hire purchase agreements is important. Although both methods provide the funds to make your purchase, there are slight differences, as mentioned below:


  • Loans- a client borrows a specific amount of money from a bank or lending company and agrees to repay regular fixed payments, including interest. 
  • Hire Purchase- is a flexible lease agreement, with an agreed deposit and payment plan to suit the buyer’s financial needs. Ownership of the asset is transferred once all installment payments have been made. 

Why choose hire purchase? 

Hire Purchase is an excellent financing option that allows you to acquire valuable items, such as a car, or invest in a business without making a significant upfront payment while feeling confident with your repayment plan. Not having to save up funds to purchase expensive items is beneficial, particularly if your business investment has grown by the time hire purchase payments are completed.

What are the benefits?

This flexible agreement gives you greater freedom to repay with confidence.

This flexible agreement gives you greater freedom to repay with confidence.

By choosing a hire purchase agreement, your business can enjoy tax benefits by claiming tax deductions on the interest paid.

You will become the asset owner once you complete all the hire purchase installments.

Hire Purchase

Why choose Hire Purchase?

Another reason for selecting a hire purchase is the extra protection it offers.

When you purchase goods through hire purchase, they are regulated by the Consumer Credit Act (1974) if the asset turns out to be faulty or there is a breach in the contract. This additional protection ensures peace of mind for those who buy valuable assets.

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