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How it works
Hire purchase is a form of asset finance: you take the asset now, pay in regular instalments, and ownership passes to you at the end. The asset itself usually serves as security.
When it suits you
Hire purchase fits assets you want to own long term — vehicles, machinery, equipment — where spreading the cost preserves working capital. If you would rather upgrade regularly and not own, a lease may fit better.
What it means for you
Credicorp lends to your company, not to you personally, and takes no personal guarantee. See business loans or apply online.
Frequently asked questions
Do I own the asset with hire purchase?
Yes, once all the payments are complete. During the term you use it and pay for it; ownership passes at the end. This differs from a lease, where you do not own it.
Is hire purchase cheaper than a loan?
It can be, because the asset provides security and the cost is matched to its life. For equipment you want to own, it is often efficient. Compare on total cost.
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Read →Funding for UK limited companies
Credicorp lends to your company, not to you personally — short-term working capital with no personal guarantee. See what your business could access.