As we approach the end of February, we often see an influx of enquiries for company car finance. From entire fleets to 1 or 2 luxury brands for Company Directors. It seems that the common question is “I am not sure what options are available to me”. Simply put they are:
- Hire Purchase – you pay a fixed rate, on a monthly basis for a set period of time.
- Finance Lease – you can choose to pay the full vehicle value or defer a percentage for final payment at the end of the lease period.
- Contract Hire – a great solution for business use only, a great benefit is up to 100% VAT can be reclaimed.
The NGI team can help you decide which of the above choices are best for you. We will run through some simple questions such as the type of company you are, what your monthly budget is and if you wish to own the vehicle at the end of the financial term. Once these questions have been answered we will then source the best deal available for you.
Something that many Directors are not aware of though, is the ability to secure a personal finance deal rather than looking to finance a car through a business. The key benefit of this is the elimination of high tax charges which you will often incur with a company car.
For more information on any of our funding options feel free to call us on 01993 706403.