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Commercial Hire Purchase

This is a commercial lending product and is not covered by the National Consumer Credit Protection Act.

A Commercial Hire purchase (CHP) is normally used to purchase motor vehicles or plant and equipment.

Under a CHP a finance company purchases a car or plant and equipment on behalf of the customer, and then gives the customer use and possession of the car (“hires”) in return for regular payments.

These payments can be made monthly/quarterly or annually or seasonally to suit the hirers cash flow.

The customer can pay a deposit or have a trade-in, and finance the balance if they wish.

Once the final payment has been made and any residual (balloon) value paid (if applicable),  the customer takes possession of the vehicle (“purchase”).

A fixed charge is registered with the PPSR (Personal Property Securities Register) to alert any potential future buyers, that a loan exists over the goods which must be cleared before being re – sold.  The finance company releases the charge upon repayment of the loan.

Should you wish to talk to us regarding a Commercial Hire Purchase, please complete the online enquiry form or give us a ring on 1300 559 974.