Hire purchase are types of finance used by businesses to obtain a wide range of assets – everything from office equipment to vehicles.
Hire purchase could be the perfect solution if you need new equipment which would otherwise be unaffordable because of cash-flow constraints.
Because hire-purchase agreements are secured wholly or largely on the asset being financed, the need for additional collateral is much reduced. There is more security for the user because the finance cannot be recalled during the life of the agreement, provided the business keeps up with payments.