Commercial hire purchase
Commercial Hire Purchase is a contract where the financier (who legally is the owner of the asset) allows the customer (who is the ‘hirer’) the right to possess and use a car or other vehicle in return for regular payments.
When the final payment of the Commercial Hire Purchase is made, ownership of the goods is transferred to the customer.
Commercial Hire Purchase is generally suitable for business users using the ‘accruals’ method of accounting for GST. However, we urge that you seek independent financial advice about which product is most suitable in your situation.
For more information on Liberty's commercial hire purchase, please fill out our business loans short form.
