Pay a deposit. (The actual amount is negotiable). All remaining costs, including interest, are met by your monthly payments. You can also choose from fixed or variable interest rates.
Benefits to you:
- ownership of vehicle
- flexible deposit
- repayments over a fixed period
- fixed or variable interest rates
Benefits to Businesses:
- payments not subject to VAT
- interest may be allowable against taxable profits
- writing down allowances are claimable
- vehicle appears as an asset on your balance sheet
- an additional line of credit
- repayments in advance or arrears
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Hire Purchase with Balloon Payment
Pay your agreed deposit as per hire purchase. Significantly reduce your monthly repayments by choosing to make a final 'balloon' payment at the end of your contract.
Benefits to you:
- ownership of vehicle
- flexible deposit
- repayments over a fixed period
- fixed or variable interest rates
Benefits to Businesses:
- payments not subject to VAT
- interest may be allowable against taxable profits
- writing down allowances are claimable
- vehicle appears as an asset on your balance sheet
- an additional line of credit
- repayments in advance or arrears
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Pay a deposit. Make your monthly payments. Pay a final or 'balloon' payment based on your agreed anticipated mileage. That's it. At the end of the contract, you have four options:
Option 1
Make the final 'balloon' payment and keep the vehicle.
Option 2
Extend the agreement by spreading the 'balloon' payment over a further agreed period.
Option 3
It may be possible to trade in the vehicle, releasing any available equity to form a deposit for your replacement vehicle.
Option 4
Return the vehicle without making the 'balloon' payment. This releases you from further obligations, excluding any excess mileage or damage charges incurred.
Benefits to you:
- lower monthly payments
- flexibility - you can keep the vehicle, extend the contract or return the vehicle
- payments not subject to VAT
- available on new cars and used cars up to seven years old at the end of the contract
- regular payments are kept low and the decision whether to keep the vehicle is left until the end of the agreement
- repayments in advance or arrears
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