Hire purchase is a form of asset finance which provides a way for your business to buy new assets and spread the cost over a period of time, typically the useful economic life of the asset you are purchasing. Hire purchase agreements are appropriate for financing a variety of assets which means they can be used in most industries and sectors.
This financing solution is similar to finance leasing but at the end of the hire purchase agreement, you would own the asset and you don’t have to give it back. This allows you to pay what you can afford whilst making sure the assets are looked after and maintained.
We understand that whatever your business, to develop and grow you are likely to require the purchase of new assets along your journey. Hire purchase agreements allow businesses of all sizes to buy assets whilst preserving cash flow, they are also beneficial to those looking to purchase more expensive assets which can be paid off in instalments.
Why Hire Purchase?
A hire purchase agreement involves your business paying an initial deposit and then paying the remaining balance in installments, usually monthly, gaining full ownership of the asset once final payment has been made.
The use of a hire purchase agreement allows your business to acquire the new assets you need to grow and develop, or just replace faulty items, without suffering a significant dent in your cash flow which can damage your ability to meet liabilities and can halt growth aspirations.
A cost-effective solution
The financing solution provides a cost-effective way to purchase business assets.
Access to superior equipment
Using Hire Purchase to fund the acquisition of business assets can provide you with the opportunity to access more expensive equipment than if you were paying outright.
Hire purchase installments will be fixed and spread out over a set period of time which allows for simple budgeting and easier cash flow forecasting.
What our clients say
“I have worked with Bespoke for several years now and have built up a very trusting relationship with the team. They’re always professional, deal with customers very fairly and ensure they’re offered the most effective solutions to meet their needs. I have no reservations in dealing with Bespoke and their abilities to provide suitable solutions for customers.
— Scott Campbell
Head of Barclays Business Sales
I have recommended Bespoke’s services to a number of our clients, both that have existing factoring facilities and also to clients who are looking at their financing options. The service provided has always been exceptional and the feedback from these clients has been nothing but praise. I would therefore highly recommend the Bespoke team.
— Tim Pearce
Managing Partner, Haines Watts
We contacted Bespoke as we were looking for an invoice finance facility to support the business due to our fast growth. They didn’t disappoint! They gave us first-class advice and support and within a week had provided us with a choice of competitive funding options. Bespoke worked with us through the decision process and helped us secure a finance facility which was ideal for our business and offers the flexibility for future growth. A-first class service throughout.
— Paul Davison
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