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Hire Purchase

Hire Purchase from Elite Fleet Services is a finance product that allows you to defer the purchase of a vehicle until the end of a fixed period of time, for a fixed monthly cost. The option to purchase amount can either be a nominal amount, or a more substantial balloon payment and you can choose whether or not to exercise this option.

What are the key benefits?

Hire Purchase is an on balance sheet method of financing vehicles and its advantages vary according to each customers needs and existing arrangements. It is most advantageous for companies operating expensive vehicles or those that are unable to recover VAT on monthly leasing payments.

Additional benefits include:

• Balance Sheet treatment similar to outright purchase- possible ownership

• Alternative Credit Line/ Cash Flow Benefit

• Capital allowances available

• Tax relief on the interest elements of the instalments

• Fixed rate funding

• Elite Fleet Services or client can source vehicles

• Provides equity in vehicle

• Simple, easy to operate

• Fleet Management Services available