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Hire Purchase

In a hire purchase agreement, the financier buys the car, and the customer buys it from them over the life of the contract- which can run from 12 to 84 months. With each monthly payment, you own more of the car, and ownership is transferred at the end of the contract when the final ‘balloon’ payment is made.

Commercial hire purchase (CHP)

This type of finance is flexible, with the ability to modify deposit and balloon amounts, as well as monthly repayment amounts. It operates over a fixed term, with fixed interest rates.

Commercial Hire Purchase is often suited to businesses who pay tax on a cash or accruals basis- speak to our knowledgeable consultants about whether this will suit your circumstances, and about recent ATO changes impacting hire purchase agreements.

At Auto Approve, we work hard to find you a hire purchase agreement to suit your needs- our lenders have a range of products and terms, including competitive rates, no early termination fees and flexible payment options. Give us a call to find out more.