Is Financial Lease a hire purchase?

Is Financial Lease a hire purchase?

Financial Lease is often confused with hire purchase, but they are two different financing options. With Financial Lease, you as a business owner become the economic owner of the vehicle, meaning you benefit from its value and use. However, legal ownership lies with the leasing company or bank. In the case of hire purchase, the vehicle remains the property of the lessor until all instalments are paid. A hire purchase is usually a private car finance. Financial Lease is always business.

With Financial Lease, you build equity in the vehicle and can eventually acquire ownership. It gives business owners the flexibility to invest in their business while using the vehicle. Lease.car understands the nuances of Financial Lease and is ready to provide entrepreneurs with clear and transparent financing solutions.