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Fixed equal monthly repayment of capital. Interest is
calculated daily, at an agreed percentage over Finance House Base Rate
(or another mutually agreeable base rate), and is repayable monthly
or quarterly. This is the Hire Purchase option to pick if you
expect interest rates to fall during the period of the agreement. It is
also possible to settle the entire agreement early and only pay
interest up to the date of settlement or pay off lump sums and
further reduce the overall interest charges. The machine becomes yours
once the payments of capital and interest have been made. This facility is not available to Sole Traders or Partnerships when borrowing less than £25,001.
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