Hire Purchase
Get the flexibility you need with Hire Purchase
Increase your business growth with Hire Purchase. Buy an asset in the same way as a cash buyer through prearranged finance and enjoy a low initial outlay with flexible payment options tailored to your business requirements. At the end of the Hire Purchase agreement, the title will pass onto you after payment of the completion fee.
- Option to defer VAT on purchases allows improved cashflow
- Euro Funding option allows you to reduce exchange rate risk and pay for Euro borrowing at fixed rates. Assets can be invoiced in Euros or Sterling
- Interest charges can be offset against taxable profits and capital allowances can be claimed
To start a new kind of banking relationship, arrange a visit to your local Financial Solutions Centre or call 08457 03 45 67.
More Benefits
- Personal attention – dedicated Relationship Partner can make decisions - fast
- Cost saving – reduced exchange rate risk with Euro Funding
- Freedom – of a cash buyer with pre-arranged finance
- Choice – wide range of products and suppliers
- Flexibility – choose the repayment option that best suits your needs or cashflow
Further Features
- Competitive fixed or variable interest rates
- Eventual ownership of asset at end of term upon payment of nominal completion fee
- Goods are treated as assets on the balance sheet from the start of the agreement
Complementary Solutions
Important Information
- Interest rate
- Interest rates – may be individually negotiated and the amount you are charged will depend on your circumstances – speak to your Relationship Partner for more details
- Interest type – fixed or variable rates
- Interest calculated
- Fixed – calculated at inception
- Variable – calculated daily
- Minimum term – 6 months
- Maximum term – negotiable
- Costs
- Documentation Fee – negotiable and paid at the outset of the transaction
- Completion Fee – negotiable and paid to transfer ownership at the end of the transaction
- Fees and charges – may be individually negotiated and the amount you are charged will depend on your circumstances – speak to your Relationship Partner for more details
- Terms and conditions
- Deposit may be required
- You claim capital allowances
- Security may be required
- It is your responsibility for the ongoing maintenance of the asset
- Full terms and conditions are available on request
In the event of non payment, breach of covenant, or non compliance with terms and conditions, we may proceed to make call on, or realise any security pledged in support of the borrowing.
Tax treatments are in accordance with current Statements of Accounting Practice. The VAT and other tax restrictions described apply to new and some used cars. The restrictions do not apply to commercial vehicles and other assets. The value of any tax benefits to you depends on your individual circumstances which can change.
Terms and conditions apply. All facilities are subject to status and applicants must be aged 18 or over.
Yorkshire Bank is a trading name of Clydesdale Bank PLC which is authorised and regulated by the Financial Services Authority. Credit facilities other than regulated mortgages are not regulated by the Financial Services Authority. Clydesdale Bank PLC, Registered in Scotland (No. SC001111), Registered Office: 30 St. Vincent Place, Glasgow, G1 2HL. A member of the National Australia Bank Group of companies.