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Business Hire Purchase

Manage your cash flow while growing your business

What is Business Hire Purchase?

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 Hire Purchase, you can spread the cost of purchasing new or updated equipment, technology and vehicles.

Our Business Hire Purchase product offers you:

  • 10% deposit/equity required
  • Minimum loan amount €10,000
  • Payments can be structured to fit with your cash flow needs
  • Fixed interest rates
  • 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.

How to apply for Business Hire Purchase

If you wish to apply for Business Hire Purchase or if you would just like to get a quote or enquire, please contact us through the below channels

For finance amounts up to €60,000:

For finance amounts over €60,000, 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
  • 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.
  • 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.
  • 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.
  • PTSB Asset Finance may also pay commission to Motor Dealers (acting as Credit Intermediaries) for new business finance originated through them.
  • PTSB Asset Finance will appoint some suppliers as introducers of new business and will pay these suppliers a commission/fee for introducing the new business. Where a commission/fee has been paid to a supplier, it will be disclosed under the ‘Goods Details’ section of your Asset Finance Agreement.

    You may end your Agreement by giving notice to PTSB Asset Finance.

    You can then either

    • Purchase the car at the amount calculated within the Termination section of your finance Agreement; or

    • Paying any instalments that are in arrears at the time of your notice and a settlement figure. The amount of the settlement figure will depend on how much you have already paid in instalments. How this is calculated is detailed within the Termination section of the Agreement.

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.

Pre Application Information

For more information on how we process your application including appeals and application requirements.

Alternative Asset Finance products

Click below to find out about our other products.

Former Lombard Customer FAQs

We have compiled some Frequently Asked Questions here to support you during the transition to PTSB Asset Finance.

Assets we finance

Find out what equipment, machinery and vehicles we finance.

Fees and Charges

Click below to view our full list of fees and charges.

Support in financial difficulty guide

Information guide to banking supports available to SMEs, for the future and through Covid recovery.

Business Hire Purchase Factsheet

Click below to download PDF.

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