Interest rates and monthly payments are fixed, providing you with stability and helping you to budget, and the payments can be structured to meet your predicted cashflow. VAT is spread across the term, reducing your up-front costs and you can claim tax relief on 100% of the monthly payments. (Please seek specialist advice from your accountant).
Like hire purchase, leases can be used for vehicles, machinery and equipment, but they are also often used for IT & software, and fit-outs & refurbishments.