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Renault Trafic | £355 +VAT

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Contract Hire

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Contract Hire (CH) is a fixed term and mileage-based agreement for a period usually between 2 and 5 years. It is important that your agreement reflects your predicted annual mileage.

The vehicle will not belong to you at any point in the agreement and so you cannot sell the vehicle. You pay an initial rental followed by an agreed number of fixed monthly rentals which are subject to VAT for the specific period of hire you have chosen. At the end of the agreement the vehicle must be returned to the contract hire company.

Benefits of Contract Hire:

  • Low initial outlay and fixed monthly rentals.
  • Choice of period of hire from 2 to 5 years and choice of mileage 
  • Whilst the contract is based on a fixed mileage, you may be able to reschedule your agreement if your predicted mileage changes.
  • For peace of mind motoring optional maintenance plans are available, for an additional fixed monthly fee.
  • VAT on the rental is reclaimable if you are VAT registered – 100% on LCVs
  • Tax efficient – up to 100% of the rental cost can be offset against taxable profits.
  • The vehicle is simply returned at the end of agreement, removing concerns about disposal values and depreciation.

Hire Purchase

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Hire Purchase (HP) allows you to spread the cost of the purchase of the vehicle at a fixed rate of interest. You will pay an initial amount which is followed by fixed monthly payments over a fixed term of up to 5 years. The vehicle belongs to the finance company until the last payment is made at which point you become the owner.

Benefits of Hire Purchase

  • Vehicle is registered in your name or the company name
  • Fixed interest rate and monthly payments
  • No mileage restriction
  • VAT is payable upfront on a commercial vehicle and is reclaimable 
  • On balance sheet so can claim capital allowances or annual investment allowance 

Finance Lease

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Finance Lease (FL) is often used for LCVs and is a fixed term rental agreement. You will pay an initial rental followed by subsequent monthly rentals and sometimes followed by a larger final rental which will be based on the expected value of the vehicle.

Finance Lease (FL) differs from Contract Hire in that at the end of the agreement you must sell the vehicle to a third party. You will receive a large proportion (usually 97.5%) of the sale price with the balance of the sale proceeds (usually 2.5%) being paid to the finance company. If the agreement has a large final rental and the sale price is less than the final rental, you will be required to make up the difference.

Benefits of Finance Lease:

  • Low initial outlay and fixed monthly rentals
  • On balance sheet
  • Choice of period of hire from 2–5 years.
  • Optional final large rental to lower the monthly rentals.
  • Potential to share in any potential resale profit.
  • Damage recharges are avoided as the vehicle although this will affect the future value of the vehicle.
  • No excess mileage charges although this will affect the future value of the vehicle.
  • 100% of the rental payment VAT is reclaimable

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