^750k Hire Purchase Finance – Apply Now for Fast Approval

Standard asset hire purchase spreads the cost of buying an eligible asset through instalments, often with an initial decision in a few working days and full underwriting taking 1 to 3 weeks. Typical terms are 12 to 72 months, with typical indicative SME-secured APRs commonly around 6.9% to 18% depending on the term, asset type, deposit, and business credit profile. Depending on the agreement, ownership usually transfers to the business at the end of the term. Common uses include replacing machinery, purchasing commercial vans, and upgrading specialist equipment used to deliver contracts.

Part-exchange and deposit-supported deals typically run for 24 to 60 months for many vehicles and equipment categories, with pricing that can reflect stronger security and equity from deposit or trade-in. Indicatively, APRs are often around 6% to 16% where the lender is comfortable with the residual position and asset values. Decision timing can be about 5 to 15 working days once part-exchange details and valuations are provided. These deals are often used to modernise a fleet, move to a more capable machine, or keep repayments manageable during a replacement programme.

Balloon and extended-term hire purchase commonly runs for 36 to 84 months, with indicative APRs around 7% to 20%. Because the final balloon depends on residual value assumptions, underwriting can take 1 to 3 weeks from application to final approval, depending on asset documentation and the clarity of valuations. This structure can be useful when you want a lighter monthly burden during earlier stages of a project or when repayments can align with longer contract cycles. As with other hire purchase agreements, you pay instalments monthly and a final payment is due at the end if ownership transfer is required.