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Finance Explained

Finance explained

What is Finance Lease ?

This is the agreement for you if you want a new vehicle every couple of years and want to drive the latest models. Our hire agreements give you as much flexibility as you need.

How it works

You choose your vehicle, pay a deposit and select one of two rental plans:

Full payout lease

You pay the entire cost over an agreed lease period through monthly payments. There is no final rental payment, which means no risk for you and your business. You get a share of the sale proceeds at the end of the contract.

Balloon lease

This give you lower monthly payments with a larger final payment at the end. You make a final rental payment, which is usually settled from the sale proceeds. The balloon agreement means more affordable monthly payments or a new vehicle more often. You may also receive a rebate of rentals from any excess sale proceeds

Please note that Finance Lease customers do not have the option to own the vehicle at the end of the contract period.

What is Contract Hire ?

This is the agreement for you if you like to have a new vehicle every couple of years and want to drive the latest models.

Our hire agreements give you as much flexibility as you need. You can drive your New Van without worrying about its future value or the hassle of eventually selling it.

How it works

You choose your vehicle and make fixed monthly payments for the duration of your agreement term (from 12 to 60 months). At the end of the contract you simply hand the vehicle back. As long as you haven’t exceeded mileage limits and return the vehicle in good condition, you can start a new agreement with a brand new van.

What is Lease Purchase ?

A Lease Purchase agreement lets you make lower monthly payments (compared to Hire Purchase) by deferring a proportion of the loan (a balloon payment) to the end of the agreement. This is great for small businesses that want to keep control of their cash flow or need the flexibility to be able to change vehicles before the end of the agreed term.

How it works:

You choose your vehicle, pay your deposit and agree the payment term (anything from 12 to 49 months). You then make monthly payments until you reach the end of your agreement, and make your final balloon payment (plus the option-to-purchase fee). You will then own your vehicle outright.

What is Hire Purchase ?

Hire Purchase is a simple, affordable way to buy your vehicle. Deposits are typically 10% (plus VAT) and agreement terms range from 12-60 months.

How Hire Purchase works

You choose your vehicle, put down a deposit that suits your cash flow, and agree fixed monthly payments to spread the remaining balance over an agreed term.

Once you’ve made the last payment and paid off the option-to-purchase fee, the vehicle is all yours.

Payment Calculator

Use this payment calculator to estimate monthly payments on your next new or used Hire Purchase Agreement. Simply enter the loan amount, term and interest rate to calculate your monthly auto loan payments. This calculator will help you determine how much van you can afford.

Financing Calculator

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