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Personal
Loans:
There
are two types of Personal
Loans available in the
market today.
1) Personal
unsecured loan -
Available from your local
bank or at much more
competitive rates from
online specialists. The
best current offer for a
Personal Loan is at 5.6%
APR.
Click here for a quote
2) Personal secured
Loan - Similar to the
above that can be obtained
for a longer period and is
secured against your home.
Click here for a quote
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Personal Contract Hire
Personal
Contract Hire, as its name
suggests, is essentially the
same as Contract Hire but
for private individuals. If
you want fixed cost
motoring, or have opted out
of a company car scheme then
Personal Contract Hire could
provide you with hassle free
motoring without the
residual value risks
associated with traditional
ownership.
VAT is
not reclaimable by
private individuals.
Maintenance packages are
usually available at an
additional cost so that
you can have totally
fixed costs for your
motoring.
view a sample of the
deals currently
available
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Similar to
hire purchase, lease purchase offers greater flexibility, with repayments
structured around your business's cash flow situation.
After the
initial deposit, repayments are made monthly and a percentage of the
original cost of the car can be deferred to the end of the agreement, as a
'balloon' payment. A 'balloon' payment is a final lump sum, which is based
on the car's estimated future value. You can make the balloon payment and
keep the car - or part exchange it, using any surplus amount after making
the final repayment, towards a deposit on your next vehicle.
Click
here for a Lease Purchase Quote
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Contract Hire
-
Lower risk for your business -
The vehicle is returned at the end of the contract, avoiding any
depreciation or disposal risks.
-
Improved cash flow control -
Rentals are fixed, therefore you are protected from fluctuations in
interest rates.
-
Better balance sheet - You don't
own the vehicle, therefore your balance sheet ratios may be improved and
the VAT is reflected in lower rental costs. Your business will benefit
from writing down allowances/lower rentals.
-
Reclaim VAT - If its for private
use the VAT recovery on the finance element is restricted to 50% (although
a proportion may be charged to Profit and Loss). VAT recovery on the
service element remains 100% regardless.
-
Protect your capital budgets -
Contract Hire rentals are treated as a revenue item, leaving your capital
budgets unaffected.
-
Rentals chargeable against taxable profits
- Rentals are chargeable against your taxable profits so it may be
possible to reduce your tax liability, (restrictions apply).
-
Replacement vehicles - Peace of
mind, in the event of accident or breakdown replacement vehicles are
possible.
Click
here for a Contract Hire Quote |
