Apply for Hire Purchase today

Find out how much your monthly repayments would be for assets up to £150,000 and get a credit decision within 4 minutes.

How to apply:

  • Get started by logging on securely through your mobile browser to your internet banking account.
  • You will need your card reader to log on just like you would on a desktop browser.
  • Select ‘Asset Finance’ from our menu to access our digital Hire Purchase application.

Keep in mind:

  • 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
  • We may have to carry out credit searches on you and your business

Get Started

Key features and benefits of Hire Purchase

  • 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.

The Hire Purchase process:

 

Step 1

Tell us how much you want to borrow, and we’ll give you an indicative quote.

Step 2

To progress your quote we’ll then ask for a bit more information on the assets you want to buy.

Step 3

Review your application and once submitted, receive an indicative credit decision.

Step 4

We’ll then contact you to discuss your application.

If you would like to borrow more than £150,000, finance more than one asset type or would like a variable rate finance, please complete our enquiry form and a specialist will contact you to discuss your needs.

*Subject to normal VAT rules.

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.

The provision of credit or leasing 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.