- Finance Options
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
- Spreads the cost of the purchase over 2 to 5 years.
- The finance is secured directly against the equipment.
- You gain ownership at the end of the agreement.
- 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
- Spreads the cost of the purchase over 2 to 5 years
- The finance is secured against the equipment
- You gain ownership at the end of the agreement for one additional monthly payment.
- 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
- Spreads the cost of the purchase over 12 months to 5 years
- The finance is unsecured.
- You purchase the equipment directly with the funds provided.
- 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.
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