What is Contract Hire?

A Contract Hire agreement is a method of funding the use of an asset over an agreed period. You will not own the asset at the end of the contract and the assets will need to be returned to the supplier.

In conjunction with one of our authorised asset suppliers, Permanent TSB Asset Finance’s Contract Hire Product offers a complete asset funding solution. This product is suitable for business customers only.

Our Contract Hire can offer you:

  • Lower monthly rentals as you are not financing the full cost of the vehicle
  • Minimum loan amount €10,000
  • Facilitates use of an asset without taking ownership
  • Rentals are usually deductible against taxable profits
  • Rentals can be tailored to meet cash flow needs
  • Spread the cost of the asset in line with its value to your business
  • No initial cash deposit or costs on disposal
  • Protected from any risks of an asset losing value

VAT is charged on the rentals.

How to apply for a Contract Hire agreement

If you wish to apply for Contract Hire or if you would just like to get a quote or enquire, please contact us through the below channels

For finance amounts up to €60,000: direct.assetfinance@permanenttsb.ie

For finance amounts over €60,000, please contact: your local Relationship Manager
Alternatively, you can call us on 0818 210 263. Lines open Monday to Friday 9am to 5pm (excluding public holidays).

Important information

  • All statements concerning taxation are based on best understanding of current legislation. Levels and basis of taxation can change at any time. This information does not constitute legal, tax, financial planning or any other advice.
  • You will not own the asset at the end of the contract. Certain return conditions may apply. You will need to insure and maintain the asset. You should seek independent advice to determine if this product is suitable for you.
  • Available to over-18s only. Republic of Ireland only. Security and/or guarantees and indemnities may be required. Fees and charges apply. Lending criteria, terms and conditions apply. Subject to Credit Approval. Lending is for business purposes only.
  • Documentation Fee of €120.00 plus VAT will be charged with the first repayment. Additional fees may apply for early repayment of a fixed rate agreement or if an account falls into arrears.
  • Permanent TSB Asset Finance will appoint some suppliers as introducers of new business and will pay these suppliers a commission/fee for introducing the new business. Where a commission/fee has been paid to a supplier, it will be disclosed under the ‘Goods Details’ section of your Asset Finance Agreement.

    You may end your Agreement by giving notice to Permanent TSB Asset Finance.

    You can then either:

    • Purchase the car at the amount calculated within the Termination section of your finance Agreement; or

    • Paying any instalments that are in arrears at the time of your notice and a settlement figure. The amount of the settlement figure will depend on how much you have already paid in instalments. How this is calculated is detailed within the Termination section of the Agreement.

Warning: You may have to pay charges if you repay early, in full or in part, a fixed-rate credit facility.

Warning: If you do not meet the repayments on your credit facility agreement, your account will go into arrears. This may affect your credit rating, which may limit your ability to access credit in the future.

Alternative Asset Finance products

Click below to find out about our other products.

Former Lombard Customer FAQs

We have compiled some Frequently Asked Questions here to support you during the transition to Permanent TSB Asset Finance.

Assets we finance

Find out what equipment, machinery and vehicles we finance.

Fees and Charges

Click below to view our full list of fees and charges.

Support in financial difficulty guide

Information guide to banking supports available to SMEs, for the future and through Covid recovery.

Contract Hire Factsheet

Click below to download PDF.

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