What you should know
It should be expected that the growth of the business will create a need for more vehicles, equipment or machinery. However, you may wish to avoid such an important single outlay or simply wish to leave available liquidity for expanding other aspects of your business.
We offer a solution through a hire purchase agreement– a quick, economical and effective way of funding new vehicles, equipment or machinery.
- Assets financed include new and used cars, business vehicles, heavy lorries, buses and coaches, printing machines, construction equipment, office equipment and medical equipment.
- The financing is subject to a fluctuating interest rate.
- We offer a plan of flexible payments for companies with seasonal income.
- Deposit and repayment plan depending on your financial capabilities.
- Without additional collateral.
- You can apply at the premises of the vendor of the items to be purchased.
- Competitive interest rates.
- The maximum duration is 7 years.
- With or without guarantees.
- Without additional charge in the event of early repayment.
- Possibility to extend the duration without additional cost.
- The financing is provided under a hire-purchase agreement. Hire purchase is a contract under which the hire purchaser hires an item from the Bank of Cyprus for a specific period and at a particular rent (instalment), with a right to buy such items if the provisions of the contract are observed.
Another finance option that is available to you!
The finance limit is approved once and you can use it for multiple purchases of hire purchase items, in order to cover both current and future needs.
The plan is especially advantageous to businesses that make frequent use of hire purchase as a means of financing. The facility is offered through fast and simple procedures. Together with all the other advantages of hire purchase, this makes the finance limit attractive for every business.
- You sign a main agreement with fixed guarantees and collateral.
- Every sub-agreement is examined and evaluated separately and independently within the framework of the main agreement.
- There is a threshold which is determined by the nature of the business operations of your company.
The financing is based on HIRE PURCHASE terms and conditions.
The Bank reserves the right to turn down any request at its discretion and to withdraw any product at any time. The interest rate and instalment may be changed by the Lender from time to time.