Commercial Hire Purchase Calculator

This service is simple and easy, all you do is Search, Compare and Select the best Hire Purchase quote from the best banks and finance providers in Australia. And best of all, we give you access to real instant finance quotes that are based on finance type, vehicle age, term and financed amount. In fact, its as real as it gets online!

Hire Purchase Calculator

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Hire Purchase

What is a Hire Purchase?

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A Hire Purchase product is a commercial product where the customer hires the vehicle from the financier for a fixed monthly repayment over an agreed period of time. A Hire Purchase is also known as a Commercial Hire Purchase, Term Purchase, CHP, HP or Asset Purchase.

How does a Hire Purchase work?

A Hire Purchase agreement is an arrangement where the financier agrees to purchase the vehicle on behalf of the customer, and then hires it back to them over a set period of time. The customer has the right to use the vehicle for the term of the contract but is not the owner of the vehicle. The ownership of the vehicle is not transferred to the customer until the final payment/ balloon payment has been made. Under a Hire Purchase the vehicle is registered in the customer’s name, which leaves the customer responsible to cover all costs in maintaining the vehicle.

Hire Purchase Benefits

  • You dont tie up your cash and can use this money to invest in the development of your company
  • Hire Purchase payments are fixed for the term
  • Flexible contract terms ranging from 12 – 60 months
  • A balloon payment can be applied to the finance structure which reduces monthly repayments
  • You can claim the interest and depreciation as a tax deduction
  • GST is not charged on the monthly rental or residual payment