Hire Purchase

Hire purchase is a traditional form of asset finance and a product which provides the client with the immediate use of the equipment or vehicle, whilst also permitting the option to purchase the product at the end of the period of hire for a pre-agreed sum. All other benefits and risks of economic ownership rest with the client.

How it works

  1. Choose your equipment or vehicle and contact us to submit an application.

  2. Following the approval of your application and the commencement of the agreement you will be entitled to the quiet use of the goods.  In practice the supplier of the equipment would normally invoice the equipment or vehicle to Arkle. Arkle then sign a Hire Purchase agreement with you. Please note that a typical deposit of 10% and the VAT attributed to the cost of the goods is normally paid the outset. Please enquire about alternative deposit arrangements.  

  3. You’ll make regular rental payments over a fixed period of time,
    including fixed interest charges.

  4. Once all the repayments are made, you can pay an
    Option to Purchase fee to buy the asset.

     

    If you wish to sell your goods before the end of your Hire
    Purchase agreement, you’ll need to ask us for our permission.

What’s so good about this product?

  • Providing you pay all sums due, unlike a Lease ownership in the equipment or vehicle is yours. 

  • You can apply for a VAT deferment facility to avoid paying all the
    VAT upfront.

  • Your repayments can vary in line with your seasonal
    income.

  • Choose between one and seven year repayment terms.

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