Guide for Finance Options
Finance option to suit your needs and budgets
Accessible Minibuses With Flexible Hire
Flexible hire on Accessible as well as the Standard minibuses. This means if you have short term hire needs or contracts for a limited period we can supply a vehicle from 1 week, or up to 5 years to suit your projects.
Contract Hire with Maintenance
This is the most popular way of financing vehicles for business it allows you to budget accurately with no peak and trough over a contract term, Agreed mileage and fixed payments spread over the contract period, this takes into account servicing and maintenance, mot, road side assist along with recovery if required and road fund license. at the end of the contract you hand back the vehicle with nothing to pay (assuming it meets the mileage and condition criteria agreed at the start of contract). Frees up company resources most of the fleet management is handle by the contract provider.
Contract Hire with No Maintenance
This is the same as above with the exception of servicing and maintenance. You will be responsible to have this carried out in line with the manufactures schedule along with the MOT etc. at the end of the contract you hand back the vehicle with nothing to pay (assuming it meets the mileage and condition criteria agreed at the start of contract).
Finance lease
This type of financing comes in many different guise but most are based on the same principles. As with contract hire you agree to set the contract term and mileage at the start of the contract along with servicing if required. you do not own the vehicle. there are two important differences. Firstly the payments are typically higher. Second at the end of contract it is up to you to sell the vehicle for as much as you can and you have to sell it to a third party. The majority of the selling price is yours to keep around 95% with the remainder going back to the finance company. So if second hand values fall you lose out if they rise there is a gain. this is type of funding is sometimes chosen for the more prestigious vehicle that will hold its price.
Outright Purchase
If you want to own the vehicle this can seem to be the simplest way, You pay the price and you own the vehicle from the start .You are responsible for the servicing etc .Outright purchase means a big cash outlay .and you will have to dispose of the vehicle when you have finished with it and take on the financial risk of resale once again if the market is down on secondhand units you may lose out.
Hire Purchase
This is funding option that allows you to own the vehicle by making monthly repayments over an agreed time .You may need to pay a deposit up front it depends on the finance company. after the final payment is made the car is legally yours. Until then it belongs to the finance company. you are responsible for the servicing and maintenance etc.