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Contract Purchase

How does it work?

If your company is restricted in the amount of VAT it is able to reclaim, or you have several expensive (typically in excess of £25k)* cars in your fleet, it may make financial sense to retain ownership of your vehicles. This however, exposes your business to all of the risks inherent in administering, maintaining and particularly disposing of a fleet.

Contract Purchase offers all the operational, managerial and administrative benefits of Contract Hire, together with the tax-efficient benefits of ownership, such as the ability to claim capital allowances.

• Your company enters into a finance agreement for the vehicle for a pre-determined period at a fixed monthly rate.
• You have the option to buy the vehicle when the contract is up by making a final ‘balloon’ payment, agreed at the start of the term. Alternatively you can return the vehicle to us, sharing in any sales profits but with nothing further to pay should we sell the vehicle for less than the balloon payment.
• The single, fixed monthly payment takes into account the cost of the car, its rate of depreciation, the length of the contract, mileage and any additional services you may wish to build in.
• The majority of our customers choose to include maintenance cover, with full RAC breakdown and recovery service, keeping their drivers on the road without involving the company in complex or costly administration.

The Benefits

• Low initial payment, typically equal to 3 monthly finance payments.
• You retain the tax benefits of ownership throughout the contract, with the option to take full legal ownership at the end.
• Removes disposal risk and protects your future profits.
• A maintenance-inclusive contract will remove the inherent risks associated with running a fleet of vehicles.
• Your monthly fleet outgoings are fixed and incorporate realistic running costs, giving you greater budgetary control.
• Lines of credit can be better utilised for investment in your core business.
• Flexible contracts to reflect the changing nature of your business.
• Peace of mind.