Hire purchase
Buy now, and pay through the year
To help your business invest, Yorkshire Bank’s hire purchase for business assets, allows you to buy assets now and pay the cash back over time (subject to status). At the end of the agreement and when the completion fee is paid, the asset is yours.
Benefits:
- We will work out the best repayment options with you to suit your business and trading patterns
- Interest charges can be offset against taxable profits and capital allowances can be claimed
Further features
- Competitive fixed or variable interest rates
- Dedicated relationship manager
- Eventual ownership of the asset at end of term
- Goods are assets on the balance sheet from the outset
Please note that security may be required. Any asset used as security will be at risk if you break the agreement and may be sold to repay your debt.
Important information
- Interest rate
- Interest rates – may be individually negotiated and the amount you are charged will depend on your circumstances – speak to a relationship manager for more details
- Interest type – fixed or variable rates
- Interest calculated
- Fixed – calculated at inception
- Variable – calculated daily
- Minimum term – 6 months
- Maximum term – negotiable
- Costs
- Documentation fee – negotiable and paid at the outset of the transaction
- Completion fee – negotiable and paid to transfer ownership at the end of the term
- Fees and charges – may be individually negotiated and the amount you are charged will depend on your circumstances – speak to your relationship manager for more details
- Terms and conditions
- Deposit may be required
- You claim capital allowances
- It is your responsibility for the ongoing maintenance of the asset
- Full terms and conditions are available on request
Additional solutions
The value of any tax benefits to you depends on your individual circumstances, the Law and Her Majesty's Revenue & Customs (HMRC) practice, which are subject to change.
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