Hire Purchase

A flexible way to invest in assets without paying upfront costs. Hire the asset over an agreed term with the option to purchase it at the end.

Get a quote for Hire Purchase

Find out how much you need to pay each month for assets up to £150,000. We won’t run any credit checks on you or your business.

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Key features and benefits

  • Fund up to 90% of your asset purchase price
    Funding starts at £15,000 after deposit (minimum deposit of 10%).
  • Flexible repayment structures to suit your business needs
    Choose any repayment period between 12 and 60 months.
  • Claim capital allowances
    You are the owner of the asset for tax purposes and can usually claim any available capital allowances.
  • Reclaim VAT
    VAT relating to the purchase price is payable upfront when entering into the agreement, and may be recoverable*. VAT is not payable on the rentals.
  • Asset ownership
    At the end of the term and on payment of an option to purchase fee, you can choose to keep using the asset or sell and replace/upgrade.

While you don’t own the asset until the purchase option fee is paid, you treat the asset as though you do.

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Eligibility

Hire Purchase is available to new and existing Lloyds Bank customers.

  • The asset must be for use in your business
  • Your turnover must be more than £100,000 per annum
  • You must have been trading for a minimum of 24 months and be UK-based

What we'd need to know:

  •  The asset you want to purchase
  • The cost of the asset
  • Your preferred length and deposit amount

What sort of equipment can I finance?

You can fund a wide range of assets. Typical assets funded include:

Transportation

Heavy goods vehicles (HGV), buses and coaches, trailers, cars and marine.

Agriculture

Tractors, combines, biomass, forestry, automation and livestock trailers.

Technology

IT equipment and software, CCTV and security systems, telephony and printers.

Manufacturing

Processing and packaging machinery, production lines, CNC and robotics.

Construction

Scaffolding and construction equipment, diggers, bulldozers, drills and cranes.

Renewable

Small scale renewables, solar panels, air source heating, biomass boilers, Combined Heat & Power (CHP).

Enquire about Asset Finance

Our specialists will work hard to understand your business, and provide a solution tailored to your needs.

Call 0345 602 4796

We’re available from 9am to 5pm, Monday to Friday, except public holidays. 

Enquire now

Annual Investment Allowance

The Annual Investment Allowance (AIA) is a capital allowance which applies to purchased assets that are used and kept within a business.
The AIA limit is set at £1,000,000 until 1 January 2022.

Finance & Leasing Association

The Finance & Leasing Association is the leading trade body for the asset, consumer and motor finance sectors in the UK.

Other borrowing options

Whether you're an established business or just starting out, finding the right finance product to meet your needs can be difficult.

We want to make it simple for you to compare and choose our products, whatever your business circumstances.

View all borrowing

*Subject to normal VAT rules.

The provision of our credit or leading services by us is subject to you meeting our credit approval. Please ensure that you only apply for credit or leasing services that you can comfortably afford.

Important information

Lloyds Bank plc, Registered Office: 25 Gresham Street, London EC2V 7HN. Registered in England & Wales no. 2065. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under Registration Number 119278.

Lloyds UDT Leasing Limited, Registered Office: 25 Gresham Street, London EC2V 7HN. Registered in England & Wales no. 665240.

Lloyds Bank Asset Finance, part of Lloyds Banking Group, is a member of the Finance & Leasing Association (FLA) and complies with the FLA Business Code of Practice. Lloyds Banking Group is a member of the Lending Standards Board (LSB) and complies with the LSB Standards of Lending Practice for Business Customers (Asset Finance). Further information is available from the FLA at www.fla.org.uk and from the LSB at www.lendingstandardsboard.org.uk.

We are covered by the Financial Ombudsman Service (FOS). Please note that due to FOS eligibility criteria not all business customers will be covered.