Business Banking

One of the most adaptable ways to fund fixed assets is Hire Purchase. With monthly repayments structured over 2-5 years, the customer can enjoy economic ownership from the outset. This is particularly suitable with equipment which has a long working life within the business.

What is it?

Allows customers ownership from Day 1 for tax and accounting purposes. Goods are invoiced to the Bank or Finance Company and the customer normally pays fixed instalments over an agreed period of 2-5 years. At the end of the agreement full title passes to the customer. The VAT is normally paid on signing the agreement.

Benefits

You can claim Capital Allowances as a charge against tax liability
Fixed repayments enable accurate budgetary and financial control
Economic ownership can help maintain Balance Sheet value
Particularly effective with second hand or long life equipment
Documentation and arrangements with suppliers are relatively simple

Bank of Ireland UK Asset Fianance is provided by NIIB Limited, which are also part of Bank of Ireland Group

To apply, or for more information, send us an email or contact your local business team

Please read our Guide to Banking for Business Customers - 148KB PDF Document.

Bank of Ireland

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