Hire purchase - The most popular form of car finance, hire purchase is used both by business and private buyers. The main advantages of this form of payment are that it does not require a large deposit and repayments do not attract VAT for business users.
For company users, it releases capital not tied up in a car and interest charges are tax-deductible. Hire purchase allows payments to be spread over a period of time and when you make the final payment you own the car outright. The interest rate will also be at a fixed rate so you can be certain of future repayment costs.
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