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There are really only two types of truck finance: leasing and hire purchase. The trouble is, lenders and dealers use different words for them, and some offer a mixture of the two. Here's a rundown of what's available:
Truck finance (or "hire purchase")
It’s called truck finance because you’re buying the truck on finance, paying in instalments to eventually own it outright.
Truck finance may also known as lease purchase, or hire purchase. This type of truck finance is commonly offered at dealerships themselves, and most of the major manufacturers offer their own in-house finance.
The key thing you need to know about truck finance and hire purchase is that this kind of deal is for the long-term. You will own the truck at the end of the contract, and once the payments have finished it’s yours forever.
Truck leasing (or "contract hire")
It’s called contract hire because you are signing a contract to hire a truck for a set amount of time (usually between 12 and 60 months).
Truck leasing may also be called an operating lease. The key thing you need to know about contract hire is that this kind of deal is a rental. You won’t own the truck when the contract is up, and you’re essentially hiring the truck for the duration of the contract.
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