Luton Vans

Finance

Finance Application Forms

Personal | Business |

FINANCE OPTIONS

Hire Purchase

If ownership is a priority then this is the most cost-effective route to purchasing your vehicle.

Low deposit – from only £500.
Flexible repayment period – up to 60 months in most instances.
You can choose to settle off loan at any time.
No mileage restrictions.
Fixed monthly repayment aids budgetary control and cash flow.
Repayments are not subject to VAT.
Ownership of vehicle will pass when the agreement is completed.
100% of interest charges can be offset against taxable profits.
Vehicle is shown as an asset on your balance sheet.
Writing down allowances are claimable; Year 1 – 50% Year 2 – 25% Year 3 – 25% etc… etc…
If VAT is put down as deposit it is reclaimable (VAT registered customers).
Leaves you with additional lines of credit.

Our Hire Purchase Package Is Unique.

We have negotiated a £500 only deposit on commercial vehicles with no VAT to pay up front. We can also offer £nil deposits on finance for cars. (Subject To Status).

95% of our customers take out Hire Purchase agreements secured against their vehicles. The advantages of doing this as opposed to taking out a personal loan include;

If you are unable to make the repayments the finance company will take your vehicle back to recover your debt, not your house.
If you want to pay off your loan early you will not be charged all of the interest.
There is a clause on your credit agreement that allows you to hand your vehicle back to the finance company and wipe off your debt providing you have paid a certain percentage of the loan off already.
You leave your personal credit line clear for further borrowing.

Finance Lease

This facility provides some of the benefits of ownership with the flexibility of rental.

Deposits are usually the equivalent of three rentals, but can be any amount.
Repayment period of up to 60 months.
Monthly rental payments are subject to VAT – VAT is reclaimable quarterly (VAT registered customers).
Rentals are 100% allowable against taxable profits.
On balance sheet.
At the end of the agreement the vehicle must be sold to an independent third party, the third party is then invoiced on your instruction and you will receive 95% of sales proceeds (ex. VAT).
Alternatively you may be able to return the vehicle to the finance company who will then sell it and return 95% of the net sale proceeds to you (ex. VAT), after collection of fees and deductions.
Fixed monthly rentals aid cash flow and budgetary control.

Contract Hire

Comprehensive fixed cost solution without the responsibilities of ownership. Can include full

maintenance package at additional cost. Mileage sensitive – be careful!

Deposits are anything from 3 rentals upwards.
Monthly rental payments are subject to VAT – VAT is reclaimable quarterly (VAT registered customers).
You agree the mileage you wish to cover over the period of the agreement – usually 24-36 months.
Total budgetary control with fixed costs – as long as you stay within mileage limit!
You have the use of the vehicle without a large capital outlay.
Off balance sheet.
Just hand back the vehicle at end of contract and pay any excess mileage or damage charges, if applicable.
Rentals are 100% allowable against taxable profits.

COMPETITIVE QUOTES AVAILABLE ON ANY VEHICLE BY REQUEST

As the finance houses we have agreements with operate a “price to risk” policy it ensures that our business is written at highly competitive rates for those customers with a strong credit profile. It also enables customers with adverse credit information registered against them to obtain finance as long as they display a willingness to pay.