Commercial Hire Purchase
Commercial Hire Purchase (CHP) is also known as a Corporate Hire Purchase, Hire Purchase or Offer To Hire, and is often abbreviated as CHP or HP.
How It Works
Under a Commercial Hire Purchase (CHP) arrangement the financier agrees to purchase the truck on your behalf, and then hire it back to you over a set term.
You have use of the truck for the term of the contract but you are not the owner.
You take full ownership of the truck at the end of the term when the total price of the vehicle and the interest charges have been paid in full.