Asset Finance

Hire Purchase and Leasing are types of asset finance which can help to grow and diversify your business with new and upgraded machinery, equipment and vehicles without tying up working capital. We’ll help you to choose the term and frequency that suits your business.
Get in touch for a quote

Hire Purchase & Leasing at a glance

We can finance your assets allowing you to replace old ones or expand your existing set up and grow your business.

  • You don’t need to bank with us to apply for our Asset Finance products.
  • Finance provided from €7,000.
  • New or used assets.
  • Fixed rate payments.
  • Terms 24 to 60 months (depending on the age of the asset).
  • Seasonal payment arrangements if required.

All applicants will be contacted within 24 hours excluding weekends and Bank Holidays.

How to Apply

Contact us today

Request a Callback

We will call you back with a competitive quote and assist you with your application.

Request a Callback

Call our team

Existing and new customers can call us on 0818 210 615 Mon-Fri, 9am-5pm. Excluding Bank Holidays

Call our team

How Does It Work

Hire Purchase & Leasing enables your business to spread the cost of an asset

  • We finance assets including cars, commercial vehicles, busses, plant and equipment.
  • We buy the asset from the supplier.
  • We hire the asset to you for an agreed period (usually between 2 and 5 years).

The difference between Hire Purchase (HP) & Leasing:

Hire Purchase :

At the start of the agreement:

You pay the VAT upfront at the start of the agreement and then claim it back from Revenue in one go.

Duration of the agreement:

Monthly payment excludes VAT.

At the end

After the final payment is made along with the documentation fee, you own the asset.

Leasing:

At the start of the agreement:

No requirement to pay VAT.

Duration of the agreement:

You pay the monthly payment plus 23% VAT. This can be claimed backed on VAT returns.

At the end

At the end of the Lease period, you can:

  • Extend the lease.
  • Buy the asset outright.
  • Give the asset back

Examples of assets we can finance:

We can fund a wide range of assets such as:

Motor: Heavy Goods Vehicles (HGVs), Light Commercial Vehicles (LCVs) Bus and Coach, Trailers, Cars, Marine.

Agri: Tractors, Combine Harvester, Forestry.

Construction: Excavators, Dumpers, Yellow Plant.

Renewables: Electric Commercial Vehicles (ECVs), Electric Bus and Coach.

Fees & Charges


Hire Purchase
Audit Certificates€12.70
Data Protection Act Query€0
Documentation/ Administration Fee (+VAT if applicable)€63.49
Purchase Instalment (Hire Purchase)€63.49
Negotiation Fee11% of Amount Advanced
Commitment Fee10.5% of Amount Advanced
  

Leasing
Audit Certificates€12.70
Data Protection Act Query€0
Documentation/ Administration Fee (+VAT if applicable)€63.49
Transfer of Lease (+VAT if applicable)€126.97
Negotiation Fee11% of Amount Advanced
Commitment Fee10.5% of Amount Advanced
Copy Lease Rental Invoice€12.70

1
Applied to large corporate advances and subject to negotiation.
All the above charges are approved by the Central Bank of Ireland under the Consumer Credit Act of 1995

Late Payment

The Customer shall pay additional interest at the rate of 0.75 percent per month (9% per annum) on all overdue payments from the due date until payment thereof and the rights of the company hereunder shall not in any way be affected by any time or other indulgence that the company may see fit to grant to the Customer.

Terms and Conditions

Hire Purchase :

Lending criteria, terms and conditions apply. Over 18’s only. Finance is provided by way of a fixed rate Business Hire Purchase agreement. Ownership remains with Bank of Ireland until the final payment is made. The credit provider is Bank of Ireland trading as Bank of Ireland Finance.

Leasing:

Lending criteria and terms and conditions apply. Over 18’s only. Finance is provided by way of a fixed rate business lease agreement. The credit provider is Bank of Ireland trading as Bank of Ireland Finance.

Warning: You may have to pay charges if you repay early, in full or in part, a fixed rate credit facility.