Finance
At FleetUK we offer a complete range of finance options available to help you finance your next vehicle. Our staff have a great deal of experience in all aspects of vehicle finance.
We can offer the following finance options:
- Contract Purchase
- Contract Hire
- Personal Contract Purchase
- Personal Contract hire
- Hire purchase
- Lease purchase
Contract Purchase
The vehicle is financed through a company. You pay a deposit followed by monthly payments and at the end of the contract you pay a guaranteed final payment which is based on the anticipated mileage during the contract and is agreed with you at the beginning of the contract. Both the deposit and the guaranteed future value can help to reduce the monthly payments. At the end of the contract there are 3 options available:
- Pay the guaranteed future value and take ownership of the vehicle
- Hand the vehicle back (providing no damage or excess mileage has been incurred)
- Extend your contract by spreading the guaranteed future value over a further period
- Lower monthly payments
- The option to keep the vehicle, return it or extend the finance
- Payments are not subject to VAT
- New vehicles and used vehicles up to 4 years old at the end of the contract can be funded in this way
Contract Hire
The vehicle is financed through a company, over a fixed period, based on your projected annual mileage. There is no depreciation risk associated with the vehicle as ownership stays with the finance house. The contract can be tailored to specific requirements by adding a maintenance package. With this option the vehicle does not appear on the company balance sheet as an asset.
The benefits of this are:- Flexible initial deposit to lower monthly payments
- No depreciation risk
- No responsibility to dispose of the vehicle at the end of the contract
Personal Contract Purchase
This allows a private individual to take advantage of contract purchase finance. The vehicle is funded over a fixed period and is based on an anticipated annual mileage. You pay a deposit and at the end of the contract there is a guaranteed future value to pay in order to obtain ownership of the vehicle. Or you can simply hand the vehicle back. There is also the option to re-finance the final payment. The deposit and final payment help to keep the monthly rentals down.
The benefits of this are.- Flexible deposit
- Lower monthly payments
- The option to keep the vehicle, return it or extend the finance
- New vehicles and used vehicles up to 4 years old at the end of the contract can be funded in this way
Personal Contract hire
This allows a private individual to take advantage of contract hire finance. Similar to Personal Contract Purchase, the vehicle is funded privately over an agreed period of time with an anticipated annual mileage. Throughout the entire contract ownership of the vehicle stays with the finance house and at the end of the contract it is simply given back assuming the mileage is within the allowed parameters and there is no damage.
The benefits of this are:- Flexible initial deposit to lower monthly payments
- Use without ownership of the vehicle
- No depreciation risk
- No responsibility to dispose of the vehicle at the end of the contract
Hire purchase
This is available to both companies and private individuals. You pay a deposit and then you pay the remaining cost of the vehicle plus the interest charge as a fixed monthly payment. The ownership of the vehicle stays with the finance company until the final payment has been made. The vehicle is funded over an agreed period of time, between 12 and 48 months. A lump sum can also be built in, payable at the end of the contract, which will reduce the monthly payments.
The benefits of this are:- Flexible deposit and final lump sum payment
- Repayments fixed over the period of the contract
- Payments are not subject to VAT
- Interest may be allowable against taxable profits
- Writing down allowance are claimable
- The vehicle appears as an asset on the companies balance sheet
Lease purchase
This is available to both companies and private individuals. You pay a deposit. A projected value of the vehicle is agreed from the start, which will help to reduce the monthly payments, as only part of the value of the vehicle needs to be financed. The ownership of the vehicle stays with the finance company until the final payment has been made or the vehicle is handed back to the finance house where a shortfall of value maybe incurred.
The benefits of this are:- Flexible deposit
- Lower monthly payments
- The option to keep the vehicle, return it or extend the finance
- Future value agreed from the start
If the information provided on our website does not fully answer any question you may have about vehicle finance, our highly experienced staff are available on 0870 606 6665 to help you. Alternatively, you may prefer to contact us via our online enquiry form.
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