Top Hire Purchase Finance Company In The UK
Get the assets you want without worrying about low funds!
Businesses need various types of assets to perform their day-to-day activities. These assets can be any equipment, machinery, or vehicles. But what if you don’t have enough funds to buy these assets? What do you do then? You can approach a hire purchase finance company to get their assistance. Hire purchase allows you to buy an asset without making the entire payment. You can pay monthly instalments for an agreed period. Connect with us to learn more about our hire purchase services.
What is Hire Purchase?
Hire purchase is a financial arrangement that allows an individual or business to acquire an asset through instalment payments. These assets can be a vehicle, machinery, equipment, or technology. This method of financing provides the user (hirer) with the immediate use of the asset while making regular payments over an agreed-upon period. The ownership of the asset is transferred to the hirer upon the completion of all payments.
Hire purchase is a popular financing option for individuals and businesses that may need more immediate capital to make a large upfront payment for an asset. It offers the advantage of spreading the cost over time, providing greater flexibility and financial control. Additionally, it allows businesses to acquire necessary assets for operations without a significant impact on cash flow.
Features of Hire Purchase
The hirer typically pays an initial deposit, which is a percentage of the total cost of the asset. This upfront payment is followed by a series of regular instalments.
- Fixed Term
The hire purchase agreement has a fixed term during which the hirer makes regular payments. The term is agreed upon at the beginning of the contract.
- Ownership Transfer
While the hirer has possession and use of the asset during the hire purchase period, legal ownership remains with the hire purchase finance company or provider until the final payment is made. Once all payments are completed, ownership is transferred to the hirer.
- Flexibility in Payments
The hirer has the flexibility to choose the duration of the hire purchase agreement and the frequency of payments, which are often monthly.
- Interest Charges
Interest is applied to the outstanding balance over the term of the hire purchase agreement. The interest rate is agreed upon at the start of the contract.
- Maintenance and Insurance
The responsibility for maintenance and insurance of the asset typically lies with the hirer during the hire purchase period.
Our Process Of Hire Purchase
Our hire purchase process starts by filling out our user-friendly online application form or visiting one of our branches for a personalised experience.
Our finance specialists will review your application and reach out to you for a detailed consultation. We’ll discuss your requirements and customise a hire purchase plan that suits you.
Once the terms are agreed upon, we strive for a swift approval process. You’ll be notified of the approval status, and we’ll guide you through the next steps.
With the financing in place, you can acquire the asset you need while enjoying the flexibility of paying in manageable installments.
Why Us As A Hire Purchase Finance Company?
- Competitive Rates
Benefit from our competitive interest rates, which make acquiring assets more affordable. We strive to provide cost-effective financing options to suit your budget.
- Quick Approval
Our efficient system ensures you get the green light for your hire purchase finance quickly, so you can move forward with your plans without unnecessary delays.
- Transparent Terms
We believe in transparent transactions, and our terms and conditions are laid out clearly so that you know exactly what to expect throughout the financing period.
Growth-Finance: Your Go-To Hire Purchase Finance Company In UK
At Growth-Finance, we understand the value of assets for continuous operations. That is why we offer quick and reliable hire purchase services to help small and medium businesses acquire much-needed assets without worrying about the large upfront payment. We are also reputed merchant cash advance lenders UK. Let’s connect and discuss your requirements. Let’s connect and discuss your requirements.
For more queries related to our hire purchase services, connect with us today!