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In vehicle hire purchase, you agree a structure linked to a specific vehicle and supplier. Lenders assess trading and affordability, then underwrite the asset’s value and suitability for the requested term. For many mainstream deals, terms are often 24 to 72 months, and a practical planning range for pricing is roughly 6% to 16% per annum, depending on credit profile, deposit, asset type, and whether the rate is fixed. For a £950k requirement, lenders may consider a larger-ticket structure for fleets or specialist vehicles, using a deposit and term matched to the deal.

With equipment hire purchase, underwriting typically shifts attention to the equipment’s value, expected residual value, and how it supports your operating plans. Terms are often 12 to 60 months, influenced by asset depreciation and the credit strength of the business. Typical planning rates are often around 7% to 18% per annum, but your final pricing depends on deposit, requested term, and equipment category. For near-£950k, some lenders may require stronger deposits or a clear residual value justification, particularly where asset lifespan expectations matter most.

Small asset logbook-style hire purchase commonly applies to deals from about £5,000 up to £100,000, sometimes higher depending on product rules and underwriting. Typical terms are 12 to 60 months, with representative planning rates often roughly 8% to 20% per annum. Decision times can be relatively fast for straightforward cases, often 1 to 7 working days once the required information is supplied. A £950k requirement is usually more complex than a single small asset deal unless it is structured as multiple agreements or fits a higher-value product approach.