Discover Our Finance Options

Invest in the equipment your veterinary practice needs while helping to manage cash flow with flexible finance options.

Whether you are investing in new technology, upgrading existing equipment, fitting out a new practice or planning your next stage of growth, finance can help spread the cost through manageable regular payments rather than tying up capital within your practice.

Hire Purchase

Hire Purchase allows you to spread the cost of purchasing equipment over an agreed period through regular fixed payments.

You can begin using the equipment straight away while paying for it over time, helping you to manage your budget without having to fund the full purchase price upfront.

Subject to the terms of the finance agreement, ownership of the equipment transfers to you once all required payments have been made, including any applicable option-to-purchase fee.

Why Consider Hire Purchase?

  • Ownership:

Hire Purchase is designed for businesses that ultimately want to own the equipment. Once the agreement has been completed and any applicable purchase fee has been paid, ownership of the asset transfers to your practice.

  • Tax relief:

The asset being finance is deemed to be owned by you from the start by HMRC.

100% Capital Allowance Tax Relief can be claimed in the first year AND full relief on all interest paid, each year, over the length of the contract.

This allows to capitalise the asset and claim full tax relief reducing corporation tax liability in the year of acquisition.

  • Fixed interest:

Hire purchase contracts have fixed interest rates allowing you to budget for the expenditure for the full term of agreement without worrying about fluctuations in interest rates affecting your monthly payments and thus your business and cash flow.

Discuss Hire Purchase

Leasing

  • Preserve working capital:

Leasing can reduce the need for a large upfront capital investment, helping you retain funds within your practice for other priorities.

  • Predictable payments:

Regular fixed payments can make budgeting easier throughout the term of the agreement.

  • Suitable for regularly replaced equipment:

Leasing may be particularly useful for equipment with a shorter working life or which is likely to be upgraded as technology develops.

  • Potential tax benefits:

Depending on the type of lease and your circumstances, lease payments may qualify for tax relief as a business expense.

Tax treatment can vary, so we recommend seeking advice from your accountant or professional tax adviser before entering into an agreement.

Why Consider Leasing?

Leasing can be a practical option for equipment that is used frequently, has a relatively short working life, or may need to be replaced or upgraded as technology develops, such as IT systems. In these circumstances, having access to the equipment may be more important than owning it outright.

Leasing can also be particularly attractive to new or start-up practices looking to manage cash flow and spread the cost of essential equipment. Depending on the type of lease and your individual circumstances, lease payments may qualify for tax relief as a business expense.

This may benefit newer practices that are not yet in a position to make full use of capital allowances associated with purchasing equipment. Tax treatment varies according to individual circumstances, so we recommend discussing the available options with your accountant or tax adviser.

Discuss Leasing

Our Finance Partner

Pioneer works with Medifinance Limited, an independent credit broker with extensive experience arranging finance for veterinary and healthcare businesses across the UK.

Medifinance can access a range of funders and help identify a finance solution suited to your practice and the equipment or project being funded.

In addition to veterinary equipment finance, funding may also be available for areas including:

  • Practice purchases
  • New practice start-ups
  • Practice refurbishment and renovation
  • Vehicles
  • Refinancing existing business debt
  • Other practice investment requirements

How Do I Apply For Finance?

Applying for finance through Pioneer is straightforward.

  1. Speak to Pioneer

Tell your Pioneer Account Manager about the equipment you are considering and that you would like to explore finance options.

2. Receive Your Equipment Quote

Pioneer will prepare a quotation for the equipment or project you are considering.

3. Finance Enquiry

Once you are happy to proceed, your details can be passed to Medifinance so they can discuss the available finance options with you.

4. Application and Approval

Medifinance will request the information required to assess your application and will approach an appropriate finance provider.

All applications remain subject to the lender's approval and lending criteria.

5. Complete Your Agreement

If your application is approved, Medifinance will arrange the relevant finance documentation, which will usually be provided for electronic signature.

6. Equipment Delivery

Once the required documentation has been completed and Pioneer has received confirmation to proceed, we will arrange delivery of your equipment.

FAQs

Browse some of our most frequently asked questions below.
Still can't find the answer? Feel free to give us a ring on 01304 831831 or use our contact form.

What is the difference between a Lease and a Hire Purchase agreement?

With a lease, you are leasing the use of the equipment over a predetermined period of time at a monthly cost. At the end of the lease, you do not own the equipment.

Several options are open to you, ranging from returning the equipment, continuing the lease on an annual basis at a reduced monthly rental, or, in some circumstances, acquiring title for a nominal one-off payment negotiated with the lease provider.

With Hire Purchase, you are purchasing the equipment, again over a set period of time at a fixed rate. At the end of the term, ownership of the equipment automatically becomes yours.

Are there tax benefits to Leasing and Hire Purchase?

Monthly lease payments are allowable against tax as a business expense and are 100% deductible against annual profits each year for the term of the lease.

With Hire Purchase, you can claim 100% Capital Allowance Tax Relief on the asset cost being financed in the first year. You can also claim 100% relief on the interest costs payable over the term of the agreement.

In simple terms, leasing spreads your tax relief over the term of the lease, whereas Hire Purchase gives you the majority of the tax relief in the first year.

You should always seek your accountant’s advice when entering into any type of finance agreement that you do not fully understand.

How can I benefit from Finance options?

Improve your cash flow by avoiding the major upfront expense that comes with an outright purchase and spreading the cost over a predetermined period of time.

Keep up to date with modern technology and avoid the trap of prior ownership, which often leads to the continued use of outdated or unreliable equipment.

Overcome budget restrictions or a lack of immediate capital when investment in equipment is necessary. Finance options allow you to get the equipment you want, when you need it, by spreading the cost over a series of tax-allowable payments.

Ready to Discuss Your Finance Options?

Whether you are planning a single equipment purchase, upgrading your practice or investing in a larger project, our team can help you explore the options available.

Speak to your Pioneer Account Manager or contact us today.

Call us on: 01304 831831

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