Exploring the differences between lease finance and hire purchase options when funding assets.
If you're looking to apply for asset and equipment finance, Millbrook offers the flexibility to choose either a lease finance or a hire purchase agreement. Let's look at the key differences between the two options.
Want to benefit from assets without the weight of ownership? A lease finance agreement lets you enjoy an asset's perks without legal ownership hassles. While the finance company holds the asset's title, you take on the risks and rewards as a lease. Plus, when the lease term concludes, you can become the proud owner by covering a nominal "transfer of title fee".
On the other hand, if you're aiming to own valuable items without a hefty upfront cost, consider a hire purchase. This approach lets you start your ownership journey with an initial payment, followed by manageable instalments, including interest.
Remember, while some payment plans offer immediate ownership, with a hire purchase, complete ownership waits until your payment obligations are fulfilled, allowing you to embrace the ownership experience step by step.