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What Finance options do I have?

There are  3 methods of finance :

  • Lease Rental
  • Hire Purchase
  • Unsecured practice loan

For a description of each option and a summary of the advantages they provide please read on

Benefits of Hire Purchase

  1. Spreads the cost of the purchase over 2 to 5 years.
  2. The finance is secured directly against the equipment.
  3. You gain ownership at the end of the agreement.
  4. You benefit from tax relief on the interest charged.

This is a good option if you are keen to ensure ownership at the end of the term without having to make any further payments

Benefits of Lease Rental
  1. Spreads the cost of the purchase over 2 to 5 years
  2. The finance is secured against the equipment
  3. You gain ownership at the end of the agreement for one additional monthly payment.
  4. You can obtain tax relief on each repayment made making a rental agreement the most tax efficient form of purchase

This is a good option if you want to benefit from the most tax efficient purchase route

Benefits of Unsecured practice loan
  1. Spreads the cost of the purchase over 12 months to 5 years
  2. The finance is unsecured.
  3. You purchase the equipment directly with the funds provided.
  4. You can gain interest tax relief on the interest charged.

This is a good option if you have other purchases to make and require funding for these as well; or if you are likely to require more equipment in the immediate future.

© 2017 Optical Marketplace Ltd | Printed from: www.opticalmarketplace.co.uk/services/finance-services/

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