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You lease or purchase the vehicle for an agreed period of time (usually between 24 & 48 months) and you pay a fixed payment based on the mileage you will do over the contract period. At the end of the contract period you can pay an agreed final payment and take ownership of the car or simply send the car back. No VAT involved on finance payments. VAT applied to maintenance if taken.
When you have chosen your vehicle, you will then agree your annual mileage and decide on the agreement term with one of our Business Managers.
We will then determine the Guaranteed Minimum Future Value (GMFV) of the vehicle at the end of the agreement and work out a deposit and monthly amount that works for you.
At the end of your agreement you will then have three options:
Return – Simply return the car the back to us
Retain – Keep the car by paying the optional final payment
Renew – Trade it in for another car
For a quotation, help, or advice contact us and ask to speak to one of our Business Managers.
You can normally settle your agreement early by asking the finance company to provide you with a settlement figure. However, the finance company will require you to pay off the difference between what your car is worth, and what you still owe and there may be a difference which is known as negative equity. On the other hand, you may find that at the end of your term your car is worth more than the Guaranteed Future Value, which means you will have some positive equity to contribute towards your next car.
You purchase the vehicle over an agreed period of time. At the end of the period the vehicle is yours with nothing further to pay. No VAT involved.
The short answer is yes, you can end your finance early. There are different provisions within each finance agreement that allows you to do just that. If you have got through two-thirds of the way through your finance agreement, the options to end the finance agreement early open up.
For a Hire Purchase agreement, there is an option of paying it off early through a settlement fee. A settlement fee covers the cost of any remaining unpaid instalments and interest payments remaining on the agreement. Once the settlement fee is paid, you take full ownership of the car early.
Under a Personal Contract Purchase agreement, you can also pay a settlement fee for bringing the agreement to an end early. After that, you can choose to hand the car back or you have a second option. Through a PCP agreement, you can take full ownership of the car by paying off the remaining Guaranteed Minimum Future Value also known as a balloon payment.
We have a full portfolio of Funding products available to suit your every need. Whether you require Hire Purchase, Lease Purchase, Personal Contract or Business Contract Hire.
Please contact us for a competitive quotation or any advice on funding your new vehicle.
You hire the vehicle for an agreed period of time (usually between 24 & 48 months) and pay a fixed rental based on the mileage you will do over the contract period. Basically you pay for the predicted depreciation of the vehicle plus interest.
You hire the vehicle for an agreed period of time (usually between 24 & 48 months) and pay a fixed rental based on the mileage you will do over the contract period.
All payments plus VAT of which 50% is recoverable. Up to 100% of the monthly rental can be offset against profits.
You purchase the vehicle over a period of time, deferring an amount of the purchase cost by way of a balloon payment usually equal to or lower than the expected sales proceeds at the end of the contract. This allows for lower monthly payments than with straight hire purchase. No VAT involved with a lease purchase agreement on a car.
