Hire Purchase, sometimes referred to as HP, is the simplest way to fund your business vehicles.
If you are purchasing something that is VAT qualifying, you’ll need to pay the VAT as a deposit and then you can repay the balance from 12 to 60 months, or we can tailor a quote which fits in with your monthly budget or change cycles.
Hire Purchase gives you fixed monthly repayments throughout your loan so you know exactly how much you’re going to be paying on a monthly basis.
Once you have finished making your repayments, we transfer legal ownership of the vehicle to you and complete your agreement.
If you decide you want to change your vehicle part way through your loan then all you need to do is speak to us to get a settlement figure.
This is the amount required to settle the outstanding loan but as it’s secured on your vehicle, you may be able to sell or part exchange your vehicle to do this.
Once you know what your settlement figure is, we’ll talk you through the process of changing your vehicle, ensuring your new finance is right for your needs.
We also offer our customers the ability to make partial settlements, this allows you to repay some of your outstanding finance and reduce your monthly repayment.
If you wish to change your vehicle, you can part exchange it for a new one, and by using the value of the vehicle, repay the final payment to ourselves and complete the loan and you are free to use any left over money from your old vehicle to go towards a new one.
If you decide that you wish to keep your vehicle, then you can complete your loan by paying the final payment to ourselves. You can pay this in a one off payment, or if you wish to contact us we will be happy to look at arranging this over a period that is suitable for yourselves.
WE can also be a more efficient solution to your business needs. If you have a loan which is used for business purposes, such as buying a new vehicle, then you are able to deduct the interest which you pay on your loan from your final profit or loss figures when your annual tax bill is calculated.
Borderway Finance has a dedicated Account Manager who specialises in providing solutions to businesses within our local area. Depending on the nature of your business we may be able to offer a credit line to help you manage your fleet of company vehicles. This helps to speed up your vehicle buying process and leaving you with one less thing to worry about.