Need to keep your cash but need the asset? Contract Hire could be the solution for you.
What is Contract Hire?
Contract Hire, also referred to as “Off Balance Sheet Financing” or Leasing. Simply put, instead of purchasing the equipment, it is hired over it’s useful economic life and then returned at the end of the Contract hire period.
Benefits of contract Hire
- Fixed monthly rentals allows budgeting, cash flows and forecasting to be calculated with confidence
- Maintenance is included – no unexpected bills.
- No deposit or payment of VAT upfront.
- Minimal capital outlay.
- Contract Hire payments are fixed over the period of hire – you will know how much the equipment will cost.
- Contract Hire payments are treated as an expense and wholly tax deductible.