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Business Contract Hire
Contract Hire is a great option for companies who emphasise cost control. Regular, VAT-efficient monthly rentals will cover most motoring costs and risks, including the road tax depreciation and the residual value disposal risks of the vehicle.
Customers can opt for an all-inclusive maintenance package, designed to cover all routine maintenance and servicing costs in a low, fixed monthly payment. The only other costs remaining with the customer are fully comprehensive insurance & fuel.
Contract Hire means that clients:
- Gain an additional credit line.
- Can reclaim the VAT on 50% of their payments and on 100% of their maintenance package costs.
- Run vehicles that are not recorded in the Balance Sheet but on the Notes to the Audited Accounts.
- Can claim Hire Rental Tax Allowances.
In Summary Contract Hire offers:
- Fixed cost, inflation free motoring.
- No Residual value risk.
- Low initial outlay.
- Cash Flow benefits for business users.
- Ability to renew cars for minimal outlay.
- Allows cars to be kept up to date and vehicle fleet fresh.
Personal Contract Hire
Personal Contract Hire, as its name suggests, is essentially the same, and offers the same benefits as Contract Hire, but for private individuals. If you want fixed cost motoring, or have opted out of a company car scheme then Personal Contract Hire could provide you with hassle free motoring without the residual value risks associated with traditional ownership.
VAT is built into the monthly payments, but is not reclaimable by private individuals. Maintenance packages are usually available so that you don't get any nasty surprises.
Personal Contract Hire benefits are:
- Allows you to hire new or used vehicles,
- Includes a full-term Road Fund Licence
- Can include a full maintenance package that takes all the worry out of motoring.
Finance Lease
Finance Leasing is a fixed-term funding option for companies who want to administer their own vehicles and who want to show these as an asset on their balance sheet. Companies choose from 2 options:
1. To pay for the entire cost of the vehicle and the interest over the agreed lease period or
2. To make lower monthly payments by electing to make a deferred - or "Balloon" Payment at the end of the agreement.
Whichever is chosen, clients never take ownership of a Finance Leased vehicle. It must be sold to a third party and a portion of the sale's proceeds, together with any "Balloon Payment" must be paid to the finance company.
Under the terms of a Finance Lease, companies will:
- Gain a further credit line.
- Combine a low initial outlay with low monthly costs.
- Reclaim 50% of the VAT on their repayments and claim hire rental tax allowances.
- Show another asset on their balance sheet.
- Have equity in the sale proceeds of the vehicles.
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