Contract Hire is ultimately a long-term rental agreement, normally over a period of between 24 - 60 months. This is based on a predetermined contracted mileage, you can also choose to include a full maintenance package at a fixed additional monthly cost.
With the option of small initial rentals and a fixed monthly cost, Contract Hire offers manageable monthly payment to suit your business. Also, there is no residual value risk, you simply hand the vehicle back at the end of the contract.**
Contract Hire is not suitable for businesses that want to own the vehicle or that use them in certain industries that attract high levels of damage.
For More info on Contract Hire
For more information on end of contract charges please see our Fair Wear & Tear Guide
**Exceeding the agreed mileage and/or returning with damage outside of the BVRLA Fair Wear & Tear guidelines can incur end of contract costs.
Finance Lease is a flexible leasing option, much like Contract Hire it's based on a fixed contract period, set mileage and initial payment giving you a fixed monthly cost.
The vehicle is not returned to the funder though and needs to be sold to a third party at the end of the contract, this means there is no end of contract charges should the vehicle be damaged or over agreed mileage.
Most agreements have a final balloon payment due, this is set by the funder to be in line with the projected residual value, should the resale value be lower than the final payment due, you will be liable for the difference, should it be higher you will retain any profit.
A very popular way to lease commercial vehicles due to its flexibility and ability to negate end of contract charges associated with contract hire.
For many businesses across the UK, commercial vehicles form an integral part of their day-to-day operations.
Whether you run one van or a fleet of vans, we are here to help, once you have chosen the right vehicle, how you finance it is often the next consideration. We offer numerous ways to finance your next vehicle and are more than happy to discuss which is the most suitable for you and your business.
Below is a snapshot of the most common options and a brief description of the product, please click through to see more info and please do get in touch with one of our advisors to obtain a formal quotation and discuss in more detail.
For those who are certain they want to own a vehicle, Hire Purchase is normally the best option. The vehicle title will be transferred to the owner upon completion of the contract. You are fully responsible for the depreciation and disposal of the vehicle.
It is more affordable than purchasing a van outright, as you are able to spread the cost of the van over a fixed period.
You cannot sell the vehicle or dispose of it without permission from the lender prior to having fully settled the finance agreement. This route is often used by businesses if they plan to keep the vehicle for a prolonged period or are looking to convert the vehicle.
You will pay an initial payment of between 10% to 50% of the vehicles value and the remaining balance monthly over an agreed period, usually between 24 - 60 months.
After all payments have been made, you will fully own the vehicle.
For More info on Hire Purchase
If you do not want to finance your van and have the funds available to purchase it for cash in full, then we can help.
We purchase 1000’s of vans a year so you can still benefit from our purchasing power without having to enter into a finance agreement.
For More info on Outright Purchase
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