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Finance

HIRE PURCHASE
This is a straight forward way for a business to finance a vehicle. Paying an initial deposit (which can be as low as the VAT amount) followed by fixed monthly repayments Hire Purchase allows you to budget monthly expenditure precisely in advance. It has worthwhile tax advantages and if ownership is a priority, this is an extremely cost effective method of borrowing.
•    Interest is 100% Tax deductable
•    25% of the Net value of the van can be offset against Tax each year
•    At the end of the agreement you become the outright owner of the vehicle

CONTRACT HIRE
Here, in return for a fixed predetermined monthly rental payment, the finance company supplies the vehicle and takes full responsibility for its depreciation, funding costs and administration. When a maintenance contract is included the finance company provide all servicing and repairs, it also typically covers the Road Fund Licence and where specified replacement vehicles as well. The rental calculation is based on the term and mileage and also the cost of maintenance when it is included in the contract. Assuming the hirer is VAT registered, 100% of the VAT on rentals can be reclaimed and the agreement stays on the balance sheet.

LEASE FINANCE
Finance leasing can be one of the most cost effective options if you need full use of a van for minimum outlay, but do not require final ownership. An initial deposit is normally expressed as monthly rentals in advance and a final lump sum / balloon payment is usually included. A finance lease can be extremely flexible.
•    Enhanced cash flow
•    100% of the payments can be offset against tax
•    At the end of the lease the vehicle is sold and the sale proceeds (less a nominal fee) are refunded to you
•    100% of the VAT on repayments can be reclaimed
•    There are no mileage restrictions or penalties