Finance Options - Contract Hire
Contract hire is probably the most popular, risk-free form of vehicle acquisition. It offers accurate monthly budgeting and cash flow, minimum capital expenditure and a fixed interest rate.
Contracts can include full maintenance (i.e. routine servicing, mechanical repairs & replacement tyres) if desired. The rental includes road fund licence for the duration of the contract. Contract hire vehicles are not shown as an asset and do not appear on the company's balance sheet.
At the end of the contract the vehicle is simply collected with nothing to pay unless you have exceeded the fixed contract mileage, which you would then incur an excess mileage charge based on a pence per mile as agreed at the start of the contract. The vehicle should also meet with condition guidelines.
Key Benefits:
- Business taxable: The rental you pay is tax deductible
- Fixed term rental over an agreed period to suit your requirements
- No eventual ownership
- Ideal for VAT registered business (see below)
- The vehicle(s) are off the business balance sheet
- We arrange delivery and collection of the vehicle(s)
Contract hire is a very popular choice for VAT registered businesses as this is a VAT beneficial financing package. One regular payment covers everything (including maintenance if required) for an agreed period and mileage.
We can also include GAP insurance should your vehicle be stolen or 'written off'.
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