finance
options
Please find listed below some of the finance options we have available. If you wish to discuss these or any other options please contact our sales team.
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contract hire
This is the solution for companies who want to concentrate on their core business activities, while avoiding the financial risk and administrative burden of owning their vehicle fleet.
Key features and benefits include:
- Fixed rentals for the whole package, making budget planning easier
- Flexible terms to meet your requirements with variable duration and mileage terms
- Maintenance of vehicles can be included in monthly rentals, spreading the cost evenly throughout the contract
- Removes depreciating assets from the balance sheet
- Removes risks associated with outright ownership e.g maintenance budgeting and low end of term re-sale value.
- Flexible invoicing arrangements can help to considerably reduce administration
- Reclaim VAT - 50% of the finance element can be reclaimed (100% for light commercial vehicles). 100% of VAT on maintenance and service can also be reclaimed.
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finance lease
Finance Lease is suited to companies looking for the benefits of a new vehicle but without the capital outlay.
This is particularly beneficial to companies with heavy duty usage as there are none of the fair wear and tear charges associated with Contract Hire.
Key features and benefits include:
- Fixed rentals for the whole package, making budget planning easier
- Flexible terms to meet your requirements with variable duration and mileage terms
- Suits companies wanting to keep their vehicles on their balance sheet.
- Avoids fair wear and tear charges at the end of the contract
- Any profit accruing from sale of the vehicle at end of term can be retained.
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contract purchase
Contract Purchase allows you to buy your vehicles without most of the risks associated with depreciation and mileage. This type of contract is of benefit to companies that are VAT restricted or for those looking for more expensive vehicles.
At the end of the contract period, the vehicles can be retained by payment of the pre-agreed Guaranteed Future Value or returned with acceptance of the residual risk.
You choose the contract length and payments are calculated based on the difference between the cost of the vehicle and the projected value at the end of the contract period. This allows you to keep down monthly costs and you can buy the vehicles at the end of the contract at their original projected value.
Servicing, maintenance and repair (SMR) costs can be covered within the monthly contract ensuring that your vehicles are maintained and repaired in a proper manner during the contract period.
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sale and leaseback
Sale and Leaseback allows you to release the capital value tied up in your current fleet. The vehicles are purchased from you at an agreed figure and thereafter you enter into a leaseback agreement for a fixed monthly amount.
The leaseback contract will be either Contract Hire, Contract Purchase or Finance Lease, whichever is the customer’s preferred choice.
This option releases cash back into the business and if Contract Hire is chosen the vehicles will not appear on the company’s balance sheet. Administration costs are minimised.
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gap insurance
Should your vehicle be involved in an accident or stolen, this may lead to a shortfall between the vehicle’s current value and the projected value required by the finance company to settle the finance agreement.
This could be a significant sum of money based on the rate of depreciation of the vehicle and the remaining period to the end of the lease agreement, for which you will be liable.
This is of particular benefit to customers using Contract Hire or Finance Lease to obtain a vehicle who wish to terminate the agreement without penalty should a valid claim be made.
Example: ……A customer buys a vehicle for £20,000 and after a year the vehicle is written off in an accident. The insurers value the vehicle at £12,000, but the finance company is still due £14,000. Our GAP insurance covers the shortfall (£2,000) allowing the customer piece of mind that his costs are covered in any situation.
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motor insurance
We offer comprehensive Motor Insurance for all your fleet or personal needs.
