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If you wish to submit your application by Fax, please download the forms below (Adobe PDF Format).
Fax: 0845 643 9322
Here are some of the financing options you might want to consider and a brief description of how they work:
CONTRACT HIRE
Commonly associated with vehicles but also available on a variety of other assets, Contract Hire is a form of operating lease and offers a complete solution to sourcing, finance, management and ultimate disposal of your asset. You can even arrange for maintenance to be included within the agreement. Contract hire saves your business time and the one regular payment makes budgeting easy.
You choose the vehicle, annual mileage allowance and contract length, then simply pay a fixed monthly fee for the vehicle. You never own the vehicle and as such it is not on your balance sheet and will become a company expense. We take the vehicle back at the end of the contract hire period.
Contract Hire benefits include:
Contract Hire benefits include:
· Off balance sheet funding
· V.A.T efficient
· Fixed monthly costs
· Removes uncertainty of residual value changes
· Takes advantage of our purchasing power
· Maintenance options available
· Reduced administration costs
Personal contract hire works in the same way as contract hire. Prices will be inclusive of v.a.t.
CONTRACT PURCHASE
Contract purchase offers all the ownership advantages of hire purchase but with added flexibility. A guaranteed value for the asset at the end of the agreement means that regular repayments are reduced. At the end of the term you can decide whether to keep the asset and pay off any balance, sell it and settle the outstanding balance (retaining any profit) or simply return it with nothing more to pay.
As per contract hire, you choose the vehicle, we purchase the vehicle on your behalf, you pay a fixed monthly fee over an agreed term and mileage. At the end of the contract you can either hand the vehicle back or pay the optional balloon payment to take ownership of the vehicle. If you decide to purchase the vehicle at the end of the contract the balloon payment can be re-financed if necessary,
Contract Purchase benefits include:
Contract Purchase benefits include:
· On balance sheet funding
· Fixed monthly payments
· No V.A.T attracted to the rentals
· Removes uncertainty of residual value changes
· Takes advantage of our purchasing power
· Reduced administration costs
· Offers the facility to own the vehicle at contract end
Personal contract purchase (PCP) works in the same way as contract purchase.
FINANCE LEASE
Finance leasing allows you to rent the asset rather than buy it. Normally, rentals will be calculated over an agreed term, at the end of which, The Finance Company will have recovered its outlay in purchasing the asset on your behalf. While you can never own the asset yourself, The Finance Company will normally allow you to benefit from the majority of the sales proceeds at the end of the term. The rentals can be offset against your profits while The Finance Company retains the right to any capital allowances.
Finance Lease benefits include:
· Fixed repayment costs
· Monthly payments are lower as they are not based on full depreciation cost
· Includes a balloon payment at the end of the contract
· Takes advantage of our purchasing power
· Reduced administration costs
· 50% of V.A.T on vehicle rentals can be claimed back (vehicles used for private and business use) **
· 100% of V.A.T on vehicle rentals can be claimed back (vehicles used for business only) **
** Business users only.
OPERATING LEASE
An Operating Lease is particularly effective for high value, specialised equipment or for assets needed to support a specific contract. Rentals will be based on the value of the asset over the period you require it and as a result can be linked directly to the revenue the asset generates. Unlike a finance lease, rentals will not recover the full cost of the asset but The Finance Company protects you from this risk by guaranteeing a residual value at the end of the term. You can generally deduct the full cost of the lease rentals from profits and the asset won't appear on your balance sheet.
Operating Lease benefits include:
· Use of the vehicle without a large capital outlay
· Fixed monthly payments - Returning vehicle at contract end
· V.A.T reclaimable (depending on usage – business users only)
· Off balance sheet funding
· Rentals allowable against taxable profits
HIRE PURCHASE AND LEASE PURCHASE
Hire purchase, also sometimes known as lease purchase, is a popular choice that gives you ultimateownership of the asset through payment by regular instalments. Payments can be structured to fit with your cash flow needs. For example, regular payments can be reduced by including a final lump sum payment (sometimes known as a 'balloon' payment) which reflects the assumed value of the asset at the end of the agreement. Your business can claim the available capital allowances and offset the interest charges against trading profit.
If you require more information or assistance in determining the best product for you or your business please contact us,. Alternatively your accountant will also be able to advise the most tax efficient method of contracting a vehicle via Contract Hire, Contract Purchase, Finance Lease, Operating Lease, Hire Purchase or Lease Purchase.
Hire Purchase benefits include:
· On balance sheet funding
· Ownership of vehicle
· Flexible deposit
· Repayments over a fixed period
· Payments not subject to V.A.T
· Interest may be allowable against taxable profit
· Writing down allowances are claimable
· Repayments in advance or arrears
These finance options are offered as a guide only and are subject to change in Government Legislation.
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Everything went to plan on my first lease and have now taken delivery of a stunning little Fiesta. Lee has been very helpful and quick off the mark all the way through the process.
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