Over the next week we will be detailing the various types of asset finance available to businesses, the strengths, weaknesses and the general overview of the products available. Its important to remember that with any commercial product it isn’t a ‘one size fits all’ scenario and your broker, intermediary or financial advisor should advise accordingly.
- Hire purchase (Lease purchase)
Much like Equipment Finance detailed in our article yesterday; the Hire Purchase provider retains ownership of the item whilst the asset is leased over a fixed term and fee. Businesses are able to pay a larger larger upfront to reduce the monthly repayment. At the completion of the contract the business has the option to make purchase of the asset outright.
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