As a Financial Conduct Authority (FCA) accredited business, our JCB Group Business & Fleet team can provide you with all you need to make an informed choice when it comes to selecting your company car finance package. Whether you’re self-employed and looking for the best way to make your allowance work for you, or are managing the needs of a large fleet of business vehicles, our experts will give you objective advice about which finance option is the most suitable for your particular situation.
JCB Group Finance offers the following business vehicle finance options:
If you do not want to own your vehicles outright, Contract Hire enables you to ‘hire’ your vehicle over a specified period of time – one, two, three, four or five years. You pay a deposit – usually the equivalent of three monthly rentals – and then your monthly rental is calculated over your preferred period of time. More information on contract hire
An alternative business vehicle finance option to contract hire, a finance lease offers a little more flexibility. You lease the vehicle from the finance company but the vehicle is your company asset. A finance lease is available to partnerships, sole traders and VAT registered businesses. Many businesses prefer the finance lease option since they can benefit from deferred payments that enable lower monthly fees, with a balloon payment at the end of the contract. More information on finance lease
A purchase lease is the ideal option for those who wish to purchase business fleet vehicles outright but don’t currently have the funds available to do so. Terms generally run from 24 to 48 months and ownership is yours following a final balloon payment. The leasing company has a retail value of the business vehicle and establishes the value of the vehicle at the end of the contract based on depreciation (the residual value). Once a down payment is made, the monthly payments are calculated on the difference between the retail value and the residual value. More information on lease purchase
For those who have access to capital, purchasing your fleet of
vehicles outright makes the best business sense since you’ll be adding
an asset to your business. An outright purchase means no interest rates
or monthly service fees, and since the vehicle is 100% owned by the
corporation or business there are no limitations on mileage or strict
maintenance agreement requirements.
To discuss the finance option that best suits your business, please call us on 01233 220277, visit us at JCB Business & Fleet, The Parade, Orbital Park, Ashford, Kent TN24 0HT or make an enquiry.