Under a Commercial Hire Purchase arrangement the financier purchases the car or commercial vehicle on behalf of the customer, and then ‘hires’ it back to them over a period of time.
The customer has the use of the vehicle for the term of the contract, provided monthly rental payments are met, but is not the owner of the vehicle.
At the end of the contract term you could choose a suitable option which suits your needs including, paying the residual / balloon payment in full to take ownership of the vehicle, refinancing the residual / balloon amount over another term or look to trade the vehicle in on a replacement car.
A Commercial Hire Purchase through one of our panel of lenders includes the following benefits:
- Flexible contract terms ranging from 12 to 84 months (1 to 7 years)
- Optional residual value / balloon payment may be added to contract to reduce total borrow amount and monthly repayments
- Fixed interest rates, with fixed monthly repayments
- Option to pay an initial deposit by cash or trade-in to reduce the borrow amount and monthly repayments
To get started with your Commercial Hire Purchase, complete an online querly now and one of our Business Managers will be in touch shortly, or call us on 1300 522 355.