What is Hire Purchase?
The Dictionary Definition:
A Hire Purchase arrangement is where the equipment purchaser purchase the asset you want and hire the equipment to you (the renter) over an agreed period of time. When the final payment is paid, the ownership of the equipment transfers to the equipment renter you. Until the final payment is made the equipment is owned by the purchaser but the renter will have full use of the equipment for the term of the hire purchase agreement.
How Hire Purchase Works
You Need Equipment
You decide that you need to buy some new equipment. This could be anything from a commercial vehicle to a dentist’s chair or some specialist device.
Choose Your Equipment
You decide what equipment that you want for your business. You have complete freedom to choose the equipment you want. You can even choose to purchase secondhand equipment/vehicles if you so wish.
Arrange your Payment Plan
You get in contact with the Leasing Company of Ireland and we work out a payment plan for you. You get to choose how long you want the repayments spread over.
Supplier is paid
We pay the equipment supplier and you get full use of the equipment.
You make monthly repayments
You pay one easy to remember lease repayment every month for the length of the term. Quick Easy and Simple
Final Payment
When the final payment is made the ownership of the equipment is transferred to you