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Hire Purchase


With Commercial Hire Purchase (CHP), the borrower actually owns the asset. Once again, at the end of the Commercial Hire Purchase (CHP) term, the borrower has the option of having a balloon payment (a lump sum payment), which means lower ongoing monthly, quarterly, six-monthly or annual payments. Alternatively you can pay out the loan completely by making higher payments and ending up with a zero balance at the end of the term.

As with the Chattel Mortgage product Commercial Hire Purchase (CHP) is a finance tool suitable for acquiring capital equipment. The assets can range from small office equipment up to large mining equipment which have a life of several years or more.

Manufacturing equipment.
Engineering equipment.
Cars, trucks and commercial vehicles.
Computers, telephone systems, office equipment.
Earth moving & mining equipment.
Shop, restaurant & office fitouts.

Commercial Hire Purchase (CHP) is a good fit for any sized business that reports GST on either a cash or an accrual basis. The business is entitled to claim depreciation on the asset. The GST on the intial acquisition of the asset can be paid from your cash flow, or you can add the GST amount onto the commercial hire purchase amount and finance it. The asset itself secures the Commercial Hire Purchase.

To complete a Commercial Hire Purchase application without obligation, click here, or telephone 02 4626 6677 to talk with one of our motor vehicle and equipment finance specialists.

 

 


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