A feature of a hire purchase agreement is that you are able to own the asset at the end of the agreement. This can be useful as you may be able to use this as part exchange when you reach the point of replacement.
However, it is important to note that you will be responsible for the servicing and maintenance of the asset, especially when it comes to vehicle hire purchase (unless a specific maintenance contract is entered into).
In summary, this type of funding appeals to companies that want to retain ownership of their assets, but spread the payment over a period of time. However, you will bear the residual value risk and be responsible for all the servicing and maintenance requirements which may require in-house expertise and management resources. However, this may be advantageous if you would prefer to deal with specialised equipment in-house to avoid any delays with repairs or servicing.