HIRE PURCHASE

Hire Purchase

Hire Purchase is a way to finance the purchase of a new or used asset. Under a Hire Purchase agreement, you hire the asset, pay an agreed amount usually in monthly repayments, and become the legal owner of the asset at the end of the agreement.

By using the asset as security and paying regular installments to use it, you avoid the full cost upfront.

Advantages of Hire Purchase

1. No large initial payment
2. Repayments can be structured to match your cashflow needs
3. Certainty of fixed cost for budgeting
4. Quick and easy to arrange
5. Immediate use of the asset, rather than waiting to save
6. Own the asset automatically once final payment is made

Important Information

1. Should you need to terminate the agreement early Ormond Finance can provide you with an early termination figure
2. The asset is owned by Ormond Finance until the final payment has been made
3. A fixed interest rate is charged over the agreed fixed term
4. Available to over 18s only.
5. Security and/or guarantees and indemnities may be required.
6. Lending criteria, terms and conditions apply. Subject to credit approval