The most straightforward method of purchase. Ideal for a customer who desires outright ownership of their car and probably changes their car at intervals of greater than 48 months.
How does it work?
Choose the car (new or used) you like.
Choose the most suitable repayment period between 12 and 60 months.
You agree on a deposit and monthly repayment to suit your budget.
At the end of the agreement as long as all the payments have been made the car is yours to keep.
What are the benefits?
At the end of the agreement your business owns the car.
By spending less cash up front this helps the business cash flow or use the money to invest elsewhere.
Fixed monthly payments makes budgeting easier.
The interest you pay if tax deductible.
Because the car is an asset on your balance sheet you can write down a proportion of its value against your business profits.