What is Business Hire Purchase?
Business Hire Purchase helps you to purchase an asset through regular fixed instalment payments, allowing you to grow your business while alleviating pressure on your cash flow. With Business Hire Purchase, you can spread the cost of purchasing new or updated equipment, technology and vehicles. On payment of a purchase instalment fee with your final payment, you will automatically own the asset.
Our Business Hire Purchase product offers you:
- Minimum loan amount €10,000
- 10% deposit/equity required
- Payments can be structured to fit with your cash flow needs
- Fixed interest rates1
- Your business may be able to claim the available capital allowances
- Your business may be able to offset the interest charges against trading profit
- On payment of all instalments and a nominal purchase instalment of €63.33, you will automatically own the asset.
1 The Cost of Credit associated with this product will be higher for longer terms and lower for shorter terms. Alternative terms may be available to you. If the finance is arranged via a Motor Dealer, PTSB Asset Finance will pay commission to that Motor Dealer (acting as a Credit Intermediary) for new business finance originated through them. Commission will be calculated as a percentage of the amount borrowed.
How to apply for Business Hire Purchase
| If you wish to apply for Business Hire Purchase or if you would like to get a quote or enquire, please contact us through the below channels |
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For finance amounts up to €100,000: BusinessDirect.AssetFinance@ptsb.ie
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| For finance amounts over €100,000, please contact: your local Relationship Manager |
| Alternatively, you can call us on 0818 210 263. Lines open Monday to Friday 9am to 5pm (excluding public holidays). |
Important information
- Documentation Fee of €120.00 will be charged with the first repayment and an additional Purchase Fee of €63.33 payable with the final repayment. Additional fees may apply for early repayment of a fixed rate agreement or if an account falls into arrears.
- Available to over 18s only. Republic of Ireland only. Security and/or guarantees and indemnities may be required. Fees and charges apply. Lending criteria, terms and conditions apply. Subject to credit approval. Lending is for business purposes only.
- The Cost of Credit associated with this product will be higher for longer terms and lower for shorter terms. Alternative terms may be available to you.
- Once all regular fixed instalments and the purchase fee has been paid, you will automatically own the vehicle.
- There is no option to extend the term. You will need to insure and maintain the asset. You will need to pay all rentals including any larger final payment (“balloon payment”). You bear the risks and rewards associated with ownership of the asset. The asset and liability will be recorded on your balance sheet.
- Should you wish to terminate the agreement early, PTSB Asset Finance can provide you with an early termination figure. You should seek independent advice to determine if this product is suitable for you.
- All statements concerning taxation are based on best understanding of current legislation. Levels and basis of taxation can change at any time. This information does not constitute legal, tax, financial planning or any other advice.
- If the finance is arranged via a Motor Dealer, PTSB Asset Finance will pay commission to that Motor Dealer (acting as a Credit Intermediary) for new business finance originated through them. Commission will be calculated as a percentage of the amount borrowed.
- Click here to view PTSB's fees and charges brochure.
Warning: You may have to pay charges if you repay early, in full or in part, a fixed-rate credit facility.
Warning: If you do not meet the repayments on your credit facility agreement, your account will go into arrears. This may affect your credit rating, which may limit your ability to access credit in the future.
