Hire Purchase

A Hire Purchase agreement is similar to a lease agreement in the sense that you make monthly or quarterly payments for a fixed period whilst having use of the Cook Station.

The key difference in the structure of a Hire Purchase agreement is the transfer of ownership of the Cook Station at the end of lease. This is typically for a nominal fee of £150 + VAT and once completed and can be listed on your fixed asset register at fair market value and depreciate accordingly.

The pricing does not differ between Hire Purchase and Lease if you chose Tower Leasing to finance your Cook Station, except the VAT element is all paid for up front and not applied to each rental payment.