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Motorfleet not only sources your new or used car at the best prices, we also help establish your finance. Your Hire Purchase is available for companies or individual using their vehicle predominantly for business purposes. Personal car finance is also available as a loan.
Common Names
- Hire Purchase
- Commercial Hire Purchase
- Asset Purchase
- Offer to Hire
Goods that can be financed under Hire Purchase
- New or used motor vehicles
- Trucks
- Plant & equipment
- Forklifts
Available over terms of one to five years, you require no deposit and simply finance the whole purchase price. However you do have the choice to make a deposit by way of cash or trade to reduce the amount financed and the monthly repayments. Motorfleet assists your finance application, signing of the Hire Purchase and settlement all the way through to delivery of the vehicle.
You make automated monthly repayments to the end of the finance term followed by an agreed balloon value (if the finance is structured with no balloon, you own the asset after the final monthly payment). The balloon value can then be paid by cash, sale/trade or refinance.
Benefits of a Hire Purchase
- Option of no cash deposit keeps your cashflow for other income producing purposes
- Option for a deposit to reduce monthly payments
- Flexible terms to structure payments to suit your requirements.
- Balloon value at term end (if required) keeps monthly repayments down helping your cashflow
- Depreciation on the vehicle and the interest component of the repayments are usually tax deductible for income producing goods
- Fixed interest rate and repayment for the full lease term assist budgeting and prevents cost increases
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