Also known as a Hire Purchase, CHP, Asset Purchase, Term Purchase and Corporate Hire Purchase
Commercial Hire Purchase is a sensible approach for any business or individual that needs to either upgrade or acquire a new or used Vehicle. Regular payments are made over the term you choose. Full ownership of the Vehicle is transferred to you when all the payments have been made.
Flexibility is an attractive feature of Commercial Hire Purchase. You can choose to finance the total purchase price, use a deposit or trade-in or add a final lump sum balloon payment to reduce the loan repayments.
Under a Commercial Hire Purchase agreement you do not become owner of the Vehicle until all monies owed under the agreement are paid. However, you can still claim a tax deduction for the depreciation on the Vehicle as well as the interest component of the loan repayments where the Vehicle is used for business related purposes. In addition, GST is not payable on the Commercial Hire Purchase repayments.
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