A1 Car Loans

What is a Hire Purchase?

Commercial Hire Purchase (also known as a Commercial HP, or a CHP) is a finance product that assists a business or an individual that needs to upgrade or acquire a new car or a  used car or business equipment.

Unlike a lease, you are free to use a deposit or trade in to reduce the amount you finance using a hire purchase.  Use our car FAST QUOTE loan calculator to see how deposits and balloons can change the loan repayment.

Using a Hire Purchase agreement, you do not own the car until monies owed under the agreement, including the balloon payment are paid.

You may be able to claim a tax deduction for the depreciation and the interest component of the loan. GST is not payable on the Commercial Hire Purchase repayments, or on the balloon payment.


Hire purchase duration can be between 12 months to 60 months.

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