Hire Purchase
Suitable for both private and business purchases. Terms from 6 to 60 months and repayment structures to suit a clients remuneration or cash flow.
Typically a deposit is paid toward the purchase of a vehicle, followed by a regular monthly payment over a specified term until the vehicle and the loan is repaid in full giving you clear title to the vehicle. An HP can also be structured to meet seasonal or variable cash flows. Balloon payments (larger variable amounts) can be calculated during or at the end (residual value) of a finance contract.
Why Hire Purchase
- Flexible terms and deposit requirements. Subject to approval.
- Tailored packages to suit your budget.
- Interest rates are fixed for the term so you can budget for your purchase.
- Clients who purchase vehicles for business purposes / in a company name will be able to expense the purchase of their vehicle eg the vehicle will show on balance sheet, depreciation can be claimed, GST on the purchase price and interest etc - according to NZ Tax Legislation.