Hire Purchase

Managing cashflow is one of the most important challenges businesses face on a daily basis. Hire Purchase allows you to grow your business without putting additional pressure on your cashflow. It helps you to acquire assets whilst preserving your working capital. It’s among the best ways to acquire new and upgraded equipment, plant,vehicles and technology without tying up working capital.

How Does It Work

Hire Purchase is an agreement whereby Bank of Ireland buys plant, equipment or vehicles on your behalf and hires them to you for an agreed period. At the end of that period, when the final payment is made, formal ownership passes to you, on payment of a nominal Purchase Instalment.

Hire Purchase is an ideal financing method if you want to spread the cost of acquiring an asset over the medium term.

Ways we can help