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Hire purchases are similar to rent-to-own agreements. The lender purchases an asset on behalf of the borrower. The borrower hires the asset back, or has use of the asset, from the lender over a period of time.
Sometimes called an installment plan, a hire purchase spreads the cost of an item out into smaller payments over a longer period. Borrowers pay a fixed monthly rate and have the option to purchase the asset outright at any point during the contract. Once all payments on the contract have been made, ownership of the asset transfers to the customer.
It’s important to note that hire purchases are not extensions of credit because the borrower does not have ownership rights to the asset until the loan is paid. However, they can be helpful to individuals and businesses looking to purchase expensive assets that they would otherwise be unable to.
Hire purchases often have high interest rates and can end up being more expensive than outright purchase in the long run. However, they are a tax efficient option for many.
To learn more about hire purchases, give us a call to speak to a team member.
Explore Other Finance Options
A Novated Lease is a three-way agreement between the bank, the customer and their employer. It’s a method of salary packaging your car, where the lease payment is taken from your pre-tax income.
The most common product for financing businesses assets. Unlike a Lease or Hire Purchase, you will take ownership of the asset at the time of purchase. The financier takes a charge over the asset being financed as security for the loan, and once the contract is complete this charge is removed.
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