A Commercial Hire Purchase (CHP) is a commercial car finance product.
Under a Commercial Hire Purchase a finance company purchases a car or vehicle on behalf of the customer, and then gives the customer use and posession of the car ("hires") in return for regular payments.
Once the final payment has been made and any residual (balloon) value paid, the customer takes posession of the vehicle ("purchase").
Alternatively, the customer can choose to "trade in" the vehicle, or re-finance the residual value.HAVE US CALL YOU
If you are a business or individual who is looking to use a vehicle for business purposes, then a Commercial Hire Purchase (CHP) may be best suited to you.
The customer only actually owns the vehicle, after it is purchased off the lender and at the completion of the term of finance.HAVE US CALL YOU
No deposit vehicle finance;
Interest and depreciation may be tax deductable;
Cash repayments are spread over time, keeping your cash reserves for more effective use;
One fixed monthly payment – protects you against interest rate changes and allows for more accurate budget forecasting;
Option to use the trade-in values of previous vehicle to build equity in your new car;
Ownership is automatically transferred at the end of the agreement;
You can make a balloon to adjust monthly payments to suit your business’ cash flow.
Glynn Finance has access to a panel of over 20 lenders, including the big four banks. Our online mortgage calculator provides a mortgage repayment estimate based on loan amount, indicative interest rates, loan term and structure. The tool also lets you compare the rates and features of various loans.
For a more precise estimate of your borrowing capacity contact a Glynn Finance mortgage specialist today.