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Hire purchase
financial overview
This is a method for acquiring assets. It appears as an asset on your
balance sheet and when you've finished the repayments, you own it.
Tax and balance sheet considerations are therefore exactly the same
as for a cash purchase, but without the initial drain on your cash
flow.
Potential advantages
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Cash
Flow Retention – we provide up to 100% finance. Cash can
then be retained for other purposes. |
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Profit
Forecasting & Budgeting - contracts are fixed for an agreed
period and involve fixed payments, allowing you greater accuracy
in budgeting and cash flow forecasting. |
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Flexibility
- you have the option to select the term and the timing of repayments
to suit your cash flows. |
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Tax
Advantages – capital allowances and interest charges relating
to hire purchase transactions are tax deductible, provided the
equipment is used to generate assessable income. |
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Lease with option
to purchase financial overview
Structured in a similar way to Lease Purchase in that at the end of
the agreement you can opt to purchase the asset for a predetermined
figure. Alternatively, the goods can be returned to the Lessor, or
the supplier, dependent on the terms of the agreement. Final payment
is the projected future value (residual value) of the asset at the
end of the term. The final residual payment is removed from the payment
calculation, making monthly outgoings lower than for an equivalent
hire purchase agreement.
At the end of the agreement you have the flexibility of three options:
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Make
the final payment and take ownership |
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Hand
back the asset without making the final payment, subject to
pre-agreed usage conditions. |
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Re-finance
the asset for a further period, subject to status. |
Potential advantages
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Easier
budgeting |
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Opportunity
to acquire the asset at the end of the period for a predetermined
figure |
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Preserves
other lines of credit |
| All of our quotations for finance are
provided by an approved independent intermediary business partner.
Our approved independent intermediary business partners provide
free independent advice and quotes to ensure you receive the
very best price and service for your business insurance. All
of our quotations are supplied free from any obligation. |
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