In the ever evolving market it is imperative to obtain the necessary technology and equipment that can propel your business forward.
Asset finance is used by many businesses to help them remain competitive in a technology obsessed society. Hire purchase and leasing are the most common types of asset finance as they help to avoid the upfront cost of owning a product outright. Large equipment can be difficult for a company to get dispose of once it has fulfilled its need. The flexibility of an asset finance agreement can work especially well for companies in a sector that constantly advances.
At the end of a lease agreement an individual usually has the opportunity to extend the length of term they want to keep their asset for, let the lessor sell the product on, or buy the product outright. On the other hand, hire purchase is a system whereby the lessor will purchase the product outright, whilst an individual wanting the product pays an agreed amount each month (or on an agreed time scale). The product remains the property of the lessor until the final instalment is paid.