Business Overdrafts
Be financially flexible with a business overdraft.
Business Hire Purchase
An easy way to buy the vehicles and equipment you need for your business and spread the cost over time.
Get startedWhat is Business Hire Purchase?
Business Hire Purchase is a flexible and cash flow-friendly way to fund expensive items like equipment or vehicles without paying in full upfront.
You ‘hire’ the asset you need by making regular monthly payments over an agreed period of time. At the end of your hire purchase agreement, you have the option to ‘purchase’ the asset to own it.
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Let's talk about Hire Purchase
Lloyds Bank have been providing asset finance solutions for many years. We have a team of specialists to ensure you get the right support and the help you need to choose the best solution for your business.
How Hire Purchase can help your business
What can I finance using Business Hire Purchase?
- Transportation
Heavy Goods Vehicles (HGVs), buses and coaches, trailers, cars and vans. - Agriculture
Tractors, combines, biomass, forestry, automation and livestock trailers. - Manufacturing
Processing and packaging machinery, production lines, CNC and robotics. - Construction
Equipment, diggers, bulldozers, drills and cranes. - Renewable
Small scale renewables, solar panels, air source heating, biomass boilers, Combined Heat & Power (CHP).
How the Hire Purchase process works
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.
More from Asset Finance
How Asset Finance can help you grow
We explain what Asset Finance is, and how you can use it to finance vehicles or equipment that can help grow your operations.
How to grow your business
To grow a resilient business that’s around for the long term, you must plan for sustainable growth. That means understanding the current situation and having a vision for the future.
*Subject to normal VAT rules.