Finance Options Explained: A Brief Guide To Available Finance Options
What is Contract Hire?
Contract Hire offers you and your business a fixed monthly cost alternative method of motoring.
This is a mileage-based contract where you must ensure that the vehicle is maintained (As per the manufacturers recommendations) and the vehicles condition kept to the highest standard for the period of the hire.
For some business users, Contract Hire is one of the most popular types of new vehicle leasing.
That said, In the case of business activities that are likely to cause extensive damages that devalue the vehicle way – that may not be the case.
This type of agreement offers a hire period from 2 to 5 Years based on your anticipated mileage request.
Additional maintenance (or Fully Maintained) contracts are available and can be included within your agreement. (At an additional cost)
This Fully Maintained option can include all vehicle maintenance, service and even tyres for the duration of the contract.
Vehicle Road Tax is also included for the duration of the hire.
Benefits of Contract Hire:
Concerns of Contract Hire:
Running Costs: The running costs for the vehicle are your responsibility, Please take this into consideration when looking at Non Maintained Contract Hire. Maintenance, Servicing and ‘Wear & Tear’ of the vehicle is your responsibility.
Vehicle finance for businesses is a complex area and recommending the correct funding solution will depend on many factors including:
To ensure you get the very best advice, you should seek professional guidance from your accountant or a Business Finance Specialist.
Any agreement for vehicle funding will be completed without advice and based on your explicit instructions.
New Vehicle Solutions Ltd is authorised and regulated by the Financial Conduct Authority, our firm reference number for consumer credit is 685872 New Vehicle Solutions Ltd is an Appointed Representative of AutoProtect (MBI) Limited which is authorised and regulated by the Financial Conduct Authority for Insurance Mediation, their reference number is 312143. We are a credit broker and not a lender.
We are permitted to conduct Credit Brokering, Debt-Adjusting and Debt-Counselling in connection with the whole or partial settlement of credit agreements for vehicle finance and consumer hire agreements.
Company Registration Number: 8572112 – VAT Number: 166595858 Registered Office: New Vehicle Solutions Ltd, Tremains Road, Bridgend, CF311TZ
New Vehicle Solutions Limited does not and will not charge any fees for providing any Consumer Credit services.
Some of our lenders may charge an administration fee to set up your agreement.
New Vehicle Solutions Limited typically receive a commission or other benefits from finance providers should you decide to enter into an agreement with the finance provider we have introduced you too. Such commissions or benefits are variable depending on the finance provider, Type of contract and term of agreement and are not affected by rates of interest on the loan. Any renumeration amounts can be requested and disclosed prior to the conclusion of the transaction.
You can check this on the FCA Register by visiting the www.fca.org.uk or by contacting the FCA direct on 0300 500 8082
Calls may be recorded for training and monitoring purposes.
Last Updated: 21/01/2021