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vehicle finance

Hire Purchase

Hire Purchase is designed for those who want to own their brand new van. Our Hire Purchase packages are very simple; you hire the van right up until your final monthly payment, at which point you acquire ownership of the van.

There are no mileage or damage restrictions with a Hire Purchase agreement, but you are responsible for the servicing and maintenance of your brand new van.

Hire Purchase packages are structured as follows:

Deposit – The VAT is usually paid as a deposit, which is 20% of the vehicle’s value. However, you can choose to pay more in order to reduce your monthly payments.

Fixed Monthly Payments – Choose your repayment term from 2 to 5 years.

Other Details – Capital cost of van can be written-down using the standard allowances, unless using the Annual Investment Allowance (AIA). Finance is subject to company status.


  • Choose to repay over 2 to 5 years
  • First year’s RFL (Road Fund Licence) included
  • Deposit (usually VAT at 20%) can be offset against your next VAT return
  • Vehicle appears as an asset on your balance sheet
  • You own the vehicle at the end of your agreement
  • Interest can be claimed against your tax bill
  • Fixed monthly payments are not subject to VAT


  • Current UK resident
  • 3 years UK address history
  • One completed credit item in past 3 years
  • Proof of income
  • No current CCJ’s or mortgage arrears
  • Full UK driving licence
For Business:
  • Proof of positive trading
  • Director can sign as guarantor


All advertised prices are subject to VAT. Deposit can mean initial payment or initial rental depending on the contract type.
A credit search is required on application.