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Vehicle and Car Finance Options

Contract Hire

This is a good choice if you want to remove assets from the asset sheet, eliminate financial loss when disposing of vehicles and enjoy the convenience of a full maintenance service.

It also allows you to reclaim 100% of the VAT on servicing, and 50% of the VAT on the financial rental cost.

How Does it Work?

Once you've agreed on the contract term, annual mileage, maintenance options and monthly rental, we use our fleet purchasing power to acquire your chosen vehicle for you and deliver to your specified location. At the end of the contract, provided the contracted mileage has not been exceeded and the vehicle is undamaged, we'll collect it and you will have no further involvement.

What else can be included

  • Routine servicing, mechanical repairs, batteries, exhausts and tyres
  • Replacement vehicle in the event of an accident or breakdown
  • Full membership of a motoring emergency programme, Including homestart,

Road Side Assistance, Relay, Relay Plus and European Cover

  • Individual or fleet insurance cover
  • Full range of competitive insurance product

The Benefits

  • Costs paid from income not capital (no capital tied up in a depreciating asset)
  • Fixed monthly cost allows accurate budgeting/cash flow forecasts
  • Leasing company can reclaim all VAT on vehicle purchase price to give you much lower monthly payment
  • Minimal initial expenditure, typically three months in advance
  • Rentals allowable against taxable profits
  • GAP insurance available
  • For new cars and commercial vehicles, assuming some personal use, current legislation allows reclaim of 50% on your monthly rental against your VAT liability. The other 50% can be offset against taxable profits
  • For pool cars and commercial vehicles, current legistlation allows reclaim of 100% VAT and 100% offset against taxable profits
  • Rentals allowable against taxable profits
  • Costs are off your balance sheet, improving gearing ratios and return on assets

Disadvantages

  • Contract Hire is a fixed contract which runs over a specific period. It can therefore carry a penalty if terminated early

Personal Contract Hire

Personal Contract Hire can be tailored to suit an individual's personal circumstance.

It offers the security and piece of mind of predictable and regular monthly payments which cover all the major costs normally associated with running a car.

A large initial capital outlay is not required, and worries over maintenance costs and end of contract vehicle value are negated.

There are negotiable mileage terms and initial line rental requirements, with regular equal payments taken by direct debit until the end of the contract.

At the end of the contract period, if the car is in good condition and within agreed mileage, the car is simply handed back to us, leaving the indidual free to to take out an agreement on their next car.

The only requirements are that they arrange their own fully comprehensive insurance, pay for their own fuel and keep the vehicle topped up with oil and in s good condition.

Personal Contract Hire is available with or without maintenance and VAT is payable on the rental.

How Does it Work?

Using our fleet purchasing power, we source the vehicle of your choice and deliver free of charge. You will have decided previously on the deposit you wish to pay, and the length of the contract. We then fix an agreed future value which is guaranteed, subject to mileage and good condition, and your monthly payment is calculated accordingly. It's very flexible and we think the cost options will pleasantly surprise you. At the end of the contract you simply choose a new vehicle (no trade-in hassles) or pay the agreed final payment to own the car outright.

The Benefits

  • Significant tax advantages
  • Choose any make. We'll source and deliver free of charge
  • Enjoy a new car every two or three years
  • Low deposit
  • Low fixed monthly payment
  • Contract length and mileage tailored to your specific requirements
  • Maintenance and breakdown options available
  • GAP insurance available
  • The chance to own the car at the end of your contract

Personal Contract Purchase

This is a popular choice for individuals who opt out of a company car scheme in favour of a cash option.

It enables you to get the brand new (or used) car that you probably thought was beyond your reach, enjoy significant tax benefits, and combine all your motoring expenses into one affordable monthly payment.

How Does it Work?

Using our fleet purchasing power, we source the vehicle of your choice and deliver free of charge. You will have decided previously on the deposit you wish to pay, and the length of the contract. We then fix an agreed future value which is guaranteed, subject to mileage and good condition, and your monthly payment is calculated accordingly. It's very flexible and we think the cost options will pleasantly surprise you. At the end of the contract you simply choose a new vehicle (no trade-in hassles) or pay the agreed final payment to own the car outright.

The Benefits

  • Significant tax advantages
  • Choose any make. We'll source and deliver free of charge
  • Enjoy a new car every two or three years
  • Low deposit
  • Low fixed monthly payment
  • Contract length and mileage tailored to your specific requirements
  • Maintenance and breakdown options available
  • GAP insurance available
  • The chance to own the car at the end of your contract

Finance Lease

This is a popular choice for VAT registered companies looking for vehicle funding only. You can run one car or a whole fleet with no capital outlay, but have the asset showing on your balance sheet.

At the end of the lease period you sell to an independent third party and retain up to 98% of the sale proceeds.

You can choose to pay the entire cost over the agreed lease period, plus an interest charge, or pay lower monthly rentals and a final payment which is calculated on the anticipated residual value.

How Does it Work?

Using our fleet purchasing power, we source the vehicle(s) of your choice and deliver free of charge. You pay fixed monthly payments for the duration of the agreed lease period. At the end of your contract you can opt either to sell the vehicle(s) yourself or ask us to negotiate a sale (a free service). Proceeds are offset against the final payment. Should proceeds exceed the residual value, you receive the excess as rebate of rental.

What else can be included

  • Routine servicing, mechanical repairs, batteries, exhausts and tyres
  • Replacement vehicle in the event of an accident or breakdown
  • Full membership of a motoring emergency programme, Including homestart,

Road Side Assistance, Relay, Relay Plus and European Cover

  • Individual or fleet insurance cover
  • Full range of competitive insurance product

The Benefits

  • Costs paid from income not capital (no capital tied up in a depreciating asset)
  • Fixed monthly rental allows accurate budgeting and cash flow forecasts
  • Leasing company can reclaim all VAT on vehicle purchase price to give you lower monthly payments
  • Minimal initial expenditure, typically three months in advance
  • Rentals allowable against taxable profits
  • For new cars and VAT qualifying used cars, assuming some personal use, current legislation allows reclaim of 50% of VAT on your monthly rental against your VAT liability. The other 50% can be offset against taxable profits
  • For pool cars and commercial vehicles, current legislation allows reclaim of 100% VAT and offset 100% of monthly rental against tax
  • A final payment (residual value) can be included in the lease to reduce monthly rental

Lease Purchase

This option will be of particular interest to companies not registered for VAT who want eventual ownership of the vehicle(s). It is effectively Hire Purchase with a leasing payment pattern.How Does it Work?

Using our fleet purchasing power, we source the vehicle(s) of your choice and deliver free of charge. You will previously have agreed a contract term, annual mileage, monthly rental and a mutually acceptable option-to-purchase price, which, at the end of the contract, gives you ownership of the vehicle (this is often referred to as a 'balloon' payment). Alternatively you can ask us to sell the vehicle, with the sale proceeds being offset against the option-to-purchase price. If it exceeds that price, you receive the surplus cash benefit.

What else can be included

  • Routine servicing, mechanical repairs, batteries, exhausts and tyres
  • Replacement vehicle in the event of an accident or breakdown
  • Full membership of a motoring emergency programme, Including homestart,

Road Side Assistance, Relay, Relay Plus and European Cover

  • Individual or fleet insurance cover
  • Full range of competitive insurance product

The Benefits

  • Minimal initial expenditure (typically 3 months in advance)
  • Fixed monthly payments for accurate budgeting
  • VAT on monthly payments not applicable
  • Option to purchase at end of contract
  • Flexibility of structuring the option-to-purchase price or residual value
  • Vehicle shows as an asset on your balance sheet

Disadvantages

  • Vehicle depreciation is your responsibility
  • Limited tax benefits

Contract Purchase

This is a popular choice for companies wishing to acquire high value vehicles and have the option to purchase with no depreciation risks. In effect it combines Lease Purchase with the service options of Contract Hire.

It has been designed to benefit customers who cannot register for VAT or who are partially VAT exempt. Contract Purchase is very popular with companies requiring executive cars with an anticipated low annual mileage.

How Does it Work?

Using our fleet purchasing power, we source the vehicle(s) of your choice and deliver free of charge. You will previously have agreed a contract term, annual mileage, service options, guaranteed option-to-purchase price, and the monthly rental. On termination of the contract you choose either to return the vehicle with no further commitment, or to pay the agreed option-to-purchase price.

The Benefits

  • Minimum initial expenditure (typically three months in advance)
  • Fixed monthly rental allows accurate budgeting and cash flow forecasts
  • No capital tied up in a depreciating asset
  • If you choose not to purchase at the end of your contract, any depreciation is not your responsibility
  • Constant mobility with no purchasing or disposal hassles
  • VAT payable on service options only
  • Vehicle shows as a balance sheet asset
  • Capital allowances claimable against taxable profits

Disadvantages

  • Cannot be shown off balance sheet
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