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What is Hire Purchase / Finance Lease exactly?

Updated: May 20

For many business owners looking for finance, knowing what type you need is always the struggle.


Hire Purchase is a well-established method of financing for when business owners wish to eventually take ownership of the business assets they are financing. The finance company buys the asset on behalf of the customer, who pays an original deposit, then the remaining balance (plus interest) is then paid over an agreed period. Once the final payment is made, ownership transfers to the customer.


Under a finance lease, the finance company owns the asset throughout and payments are made over an agreed period. Customers are therefore renting the asset from the finance company and cannot sell the asset during their rental period. Often, there is an option to continue leasing at a reduced rate at the end of the contracted agreement.


For more information or if you're in need of finance, visit our website today:

www.rfsni.co.uk


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ICO ROBINSON FINANCIAL SERVICES LTD ASSET FINANCE INSURANCE

RFS Mortgage & Financial Services is a trading name of Robinson Financial Services Ltd who is an Appointed Representative of Primis Mortgage Network, a trading name of First Complete Limited which is authorised and regulated by the Financial Conduct Authority. 

The Financial Conduct Authority does not regulate all Buy to Let mortgages

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