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Business Hire Purchase
An easy way to buy the vehicles and equipment you need for your business and spread the cost over time.
Why choose us for Hire Purchase?
What can I finance using Business Hire Purchase?
How the Hire Purchase process works
Why choose Lloyds Bank for Asset Finance?
Frequently asked questions
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Hire Purchase, or HP, is one form of Asset Finance that helps you fund a new asset and ends with you owning it outright. In simple terms HP works like this:
You find the asset you want, pay us a 10% deposit, we then buy the asset on your behalf and “hire” it to you over an agreed term, usually between 12 and 60 months, and charge you monthly “rentals” that cover the remaining cost and the interest on the amount borrowed.
When you have settled the total outstanding payment you pay a small “option to purchase” fee and we transfer the asset to your ownership.
So, you hire it first and purchase it at the end, hence the name Hire Purchase.
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Yes, you can but you may need to pay early repayment charges. You can speak to one of our specialists to find out more.
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As shown above, you can cancel your agreement but early repayment charges may apply. You can speak to one of our specialists to find out more.
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Pricing is tailored on the asset you want to buy or lease.
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The Full Expensing scheme lets businesses deduct some or all of the asset’s value from profits before tax is applied.
This means you can save money on your tax bill.
Terms and conditions
Asset Finance - £0 Arrangement Fee Offer – Terms and Conditions
- To qualify for this offer, the finance agreement must be originated through our digital channels. Applications submitted through other channels do not qualify.
- This offer is available for agreements completed between 2 February 2026 and 31 December 2026. After this date, standard arrangement fees will apply.
- The arrangement fee for eligible agreements will be £0. All other standard terms and conditions of your finance agreement remain unchanged.
- Existing policies or agreements are not eligible for refinancing under this offer.
- This offer is subject to status and lending criteria.
- The offer is subject to change or withdrawal at any time without prior notice. If the offer is withdrawn before your agreement is completed, the standard arrangement fee will apply.