Finance
We know that vehicles are vital part of your business. With our access to various finance companies, we can finance a wide range of vehicles for businesses including cars, buses and coaches, heavy and light commercial vehicles, construction vehicles, trailers and more.
From caterers to delivery and haulage companies, or even a small business requiring a company car, we can offer vehicle finance to a vast array of businesses. Vehicle Hire Purchase is available whether you need a new or used vehicle, or a tailored solution for specialist purposes.
Hire Purchase
Hire Purchase enables you to acquire a vehicle while paying for it in instalments over an agreed timescale – the term. It lets you spread the cost of your investment over the life of the vehicle, making it easier to budget. At the end of the term, you own vehicle outright.
Benefits of Hire Purchase
- More time to repay – Spread the cost over the life of the asset
- Keep control – You are the owner of the asset for tax purposes and can normally claim capital allowances
- Tax efficient – You can offset your hire purchase interest and charges against pre-tax profits
- Reclaim VAT
Operating Lease
Operating Lease allows you to rent the asset from us while you need it. The key difference between Finance Lease is that an Operating Lease is only for part of the asset’s useful life. This means you pay a reduced rental because the cost is based on the difference between the asset’s original purchase price and its residual value at the end of the agreement.
You get full use of the asset for as long as you need it, without the burden of responsibility of disposing of it or recouping its residual value.
Benefits of an Operating Lease
- Low initial outlay – Quick access to the asset you need without a heavy upfront investment
- Freedom – Full use of the asset without having to buy it outright
- Flexibility – Option to re-rent, purchase or return the asset at the end of the term
- Pay less – Rental cost is reduced as it is based on a percentage of the original capital cost
- Off balance sheet funding
- Reduce costs – Reclaim VAT on rentals
