Hire purchase allows you to purchase an asset by spreading the cost over a set period of time. Following an initial deposit, the balance is then paid in instalments, usually on a monthly basis. During the agreement, you are responsible for the maintenance and insurance of the asset.
At the end of the agreement, you have the option to buy the asset by making a final option to purchase fee payment to gain ownership. Balloon payments are also available.
For tax purposes, you are treated as the owner of the asset from the beginning of the agreement so you may be able to claim capital allowances.