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Finance made easy

https://swindoncarandvan.co.uk/wp-content/uploads/2023/06/Initial-Disclosure-Document.pdf

Hire Purchase

The simplest way of financing your vehicle purchase.

This is where combined capital and interest is paid by equal monthly instalments over a set term decided upon at the outset of the agreement by you with periods of up to 60 months available.

Title to the Goods remains with the finance company until all the payments have been made, when you become the owner.

There is NO VAT added to the instalments and for anyone who is self-employed or a Limited Company, the vehicle is classed as an asset and the interest is tax deductible along with the annual writing down allowance.

Benefits of Hire Purchase

  • Low Initial Outlay
  • Flexible Repayment Period
  • Equity Retained
  • Write Down Allowance Offset against Profit
  • Fixed VAT FREE Monthly Cost
  • No Mileage Restrictions
  • 100% Tax Relief on Interest Charges
  • Shown as Asset on Company Balance Sheets

Cash Flow

Hire Purchase allows you to make an initial outlay and pay the balance over a period, retaining your capital for other uses. The monthly payment is fixed allowing you to budget monthly expenditure precisely in advance.

Repayment Period

Choose the correct term that suits your needs up to 60 months available (dependant on the age and miles of the vehicle)..

Deposit

Normally the equivalent to the VAT only (reclaimable for VAT registered customers) we can however offer finance with little or no deposit (subject to status).

No Mileage Restrictions – Drive as much, or as little, as you want. 

VAT Free Monthly Payments – As you pay the VAT up front there is no VAT on the repayments. 

Tax Relief – You can claim 100% tax relief on all the interest charges.

Company Asset – Because you vehicle becomes a Company Asset you will benefit from a write down allowance against profits.

Equity – You own the equity in your vehicle. Any value above the settlement figure is yours. Once you’ve made all repayments the vehicle is yours. The equity can be put back into your business or used against your next vehicle purchase.