| Standard Hire Agreement | Hire Purchase Agreement |
 |
| Description | A lease which allows the customer to continue to hire the equipment after the minimum period. | A lease with an option to purchase for a fixed fee. |
| Who can benefit from this product ? | Sole trader / Partnership / Limited Co. | Limited Co. only |
| What is the minimum order size ? | £300 | £300 |
| What is the maximum order size ? | There is no maximum limit | There is no maximum limit |
| What is the length of term ? | 24 or 36 months | 24 or 36 months |
| Is a deposit required ? | No. 1st payment is due on the 1st day of the month after delivery | No. 1st payment is due on the 1st day of the month after delivery |
| What is the equipment mix that can be financed? | Hardware, software and installation | Hardware, software and installation |
| What is the treatment with VAT ? | VAT paid with rentals | VAT payable on signing agreement |
| What are the payment profiles ? | Monthly or Quarterly | Monthly or Quarterly |
| How can I make my payments ? | Direct Debit | Direct Debit |
| Is it possible to upgrade the equipment during the lease term ? | Yes | No |
| What are the options at the end of the lease? | - Return the equipment
- Continue hiring
- Possibility to Purchase the equipment
|
| Ends when all instalments and fees paid. Title passes to hirer if all payments & fees paid |
| Will the leased equipment appear on the balance sheet? | On or off balance sheet as a fixed asset (to be determined by customers auditor) | On Lessee balance sheet as a fixed asset |
