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Standard equipment hire purchase typically covers UK-registered SMEs and sole traders with trading history that can evidence ability to service repayments. Lenders usually review business information and run affordability and credit checks, alongside details of the specific equipment you want to buy. Amounts are often in the £20,000 to £250,000 range, with terms commonly 24 to 72 months. Pricing is lender dependent and may be quoted as an interest rate or fixed payment with an APR equivalent. A decision can typically take 2 to 10 working days after the required documents are received.

Vehicle hire purchase is intended for SMEs and trades using specific commercial vehicles in the business. Typical amounts range from £10,000 to £250,000+, often for vans and commercial vehicles. Terms can be 24 to 84 months, commonly 36 to 60 months for many cases. Lenders assess affordability using business accounts or bank history and will also check vehicle acceptability and valuation. APR-equivalent pricing commonly sits broadly around 6% to 20%, influenced by term, deposit and mileage expectations. After receiving the required vehicle and financial information, turnaround is often 3 to 12 working days.

Refinancing via equipment or vehicle hire purchase can be an option when you need to replace an existing asset agreement after maturity or settlement, or fund a replacement package. Amounts are typically £25,000 to £250,000, though the range depends on the settlement amount, the new asset’s value and your assessed ability to service the new term. Terms are often 24 to 72 months. This route can be priced higher than first-time asset finance. A broad APR-equivalent context is about 7% to 22% depending on credit risk and structure. Decision times are commonly 5 to 15 working days because lenders may need additional checks around settlement and asset valuation.