A fixed term agreement predominantly done over 2/3 years with a predetermined annual mileage set to suit. Contract Hire takes away the risk of vehicle depreciation and with a fixed monthly payment including annual road fund licence allows you to regularise your cash flow. We can offer packages to include your vehicle servicing, maintenance, exhaust and tyre replacements, breakdown assistance, and relief vehicle facility.
Finance Lease is an ideal contract for VAT registered businesses to finance their chosen vehicle and have the asset shown on their balance sheet. The capital cost is spread over your chosen contract term, usually incorporating a final payment in line with the predicted vehicle resale.
Car Contract Purchase utilises the future value of a vehicle to reduce monthly costs. This value is guaranteed based upon an agreed predetermined annual mileage and allows an option to either purchase the vehicle for this price or simply return it to the contract funder with no extra cost (subject to mileage and/ or condition). Service and maintenance facilities can also be included where required with car contract purchase agreements.
Ideal for non VAT registered businesses or individuals who want eventual ownership of the vehicle. This method of funding spreads the vehicle purchase value over an extended period, part of the capital cost of the vehicle can be deferred into a "balloon" payment at the end of the agreement.This will be in line with the anticipated value of the vehicle. Ownership is aquired once all payments including the balloon payment have been made.
Personal Contract Hire
Personal Contract Hire differs from Personal Contract Purchase because there is no option to purchase at termination, you simply hand the vehicle back. Again, service and maintenance facilities are available.
Personal Contract Purchase
Funding for Private Individuals. This type of personal contract is essentially a purchase agreement although outright purchase is not mandatory. There are options with this contract at the end and a fixed monthly payment is paid for an agreed term and mileage.
Hand the vehicle back to the finance company, leaving you free to acquire a new one.
Purchase the vehicle for the guaranteed future value set at the start of your contract regardless of the current market value. You would then take title to the vehicle and own it outright.
Part exchange the vehicle if your vehicle value exceeds the guaranteed future value, you can usually use this amount towards a deposit on your next contract.
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