Hire Purchase

Hire Purchase allows your business to acquire capital equipment without the financial restrictions of outright purchase. 

This flexible solution also gives you the option to purchase assets over a pre-determined period.
 
  • Hire Purchase gives you the freedom and flexibility of a cash buyer but without the initial capital outlay – deposit only required
  • The cost of your capital assets is spread over a pre-determined period usually 2 – 5 years, preserving your cash flow for use in the business
  • Buy at today’s prices and repay from future income with flexible repayments that can be matched to your cash flow 
  • VAT is normally paid on signing the agreement - no VAT payable on repayments 
  • Funds to purchase the as​set are sent to the seller of the asset
  • Interest charges may be offset against taxable profits 
  • Capital allowances are the same as those of outright purchase 
  • Assets appear on the balance sheet from the start of the agreement
  • The asset is owned by Northern Bank Limited. Transfer of ownership is on completion of the agreed term with payment of a nominal option-to-purchase fee.
  • Option of fixed, variable or variable term repayments

 

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