Hire Purchase

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This is the traditional way of purchasing an item over a period of time, and is favoured by most people who are unable to find the total amount when first making the purchase.

Once having paid an initial deposit the balance of capital and interest accrued are repaid in fixed monthly payments. Repayment periods can run from 1 to 5 years and upon full repayment of the facility, ownership of vehicle rests with you or your business.

All interest charges are allowable against any taxable profits of your business and repayments are not liable for VAT. The vehicle will be considered an asset and shown on your balance sheet. Any vehicles funded by this approach are suitable for writing-down allowances which can be off set against taxable profits, this offers you an effective method of funding for businesses where ownership is a priority.

 

 

For more information Telephone Pat or Jonathan Lawless 9.am to 5.30pm 01335 360763 / 360022 Mon-Fri. Out of hours 07918 756002 Fax: 01335 360088