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Financing your car purchase

At Company Car Direct, we can offer you a complete and comprehensive range of finance option to suit your needs and requirements. We have very experienced and highly trained advisors who can offer you all the advise and guidance you require to ensure you choose the package is the right one for you.

Contract Hire

This is a simple, peace of mind package designed for business car users. Following a low initial outlay, payments are fixed for a set period of time from 12 to 48 months. Payments are calculated using the initial cost of the vehicle, the overall contract term and your selected mileage.

At the end of the agreement you can hand the vehicle back for disposal and choose another brand new car.

BENEFITS

  • Comprehensive range of vehicles to choose from...in fact every car that is in production is available 
  • Low initial outlay
  • Easy to manage administration
  • Off balance sheet funding
  • Reduced risk
  • Easy disposal of vehicle
  • Tax efficient – 50% of VAT on the finance element of the rental and 100% on the maintenance element. All VAT on commercial vehicles is reclaimable.

Lease Purchase

A lease hire agreement, but with a more sophisticated payment plan and greater flexibility than a standard hire purchase agreement, plus having  the benefit of lower monthly payments. A deposit is required, which is usually calculated on 3 monthly payments. Lower monthly payments follow which are achieved by the final payment being calculated on the residual value of the vehicle at the end date of the contract. This larger final payment is commonly referred to as the “balloon payment” or “residual value payment”.

At the end of the contract the vehicle is yours to keep or dispose of as you wish.

BENEFITS

  • Tax benefits – Business users may be able to claim tax relief on the interest charged.
  • The vehicle is also classified as an asset, which can be set against taxable profits by 25% or £3000, (maximum per annum)
  • Monthly payments do not attract VAT. This is particularly attractive to VAT registered businesses.
  • Lower monthly payments than traditional Hire Purchase
  • Fixed budgeting
  • Eventual ownership
  • Agreements can be settled early by mutual consent

Personal Contract Purchase (PCP)

Personal Contract Purchase (PCP) is another way of owning the car through monthly payments.

This is a simple process. You pay a deposit on the car, usually £500. Then you make fixed monthly payments for an agreed period of time, anything from 24-48 months, with an amount of the finance agreement payable at the end of the contract, often referred to as a balloon payment. 

At the end of the stated contract length you are presented with 3 options:

1.   You pay the final instalment - often called a balloon payment - to own the car
2.   You forget about the balloon payment and walk away with nothing to pay, provided the car meets pre-agreed condition and mileage limits.
3.   You trade in the car for another. In this case you don't make the final balloon payment. Instead it is covered by the cars second hand value.

If the car turns out to be worth more than the balloon payment you can put the extra money towards a new Personal Contract Purchase

Hire Purchase

Hire purchase(HP)is the traditional way of funding a new car. You pay any deposit you wish, ranging from as little as £99 (subject to status). Hire purchase terms vary from 12-60 months and are fixed rentals. We can currently offer rates as low as 6.9% APR. After the contract is finished, the car is owned by you. Agreements can be settled early by mutual consent.

We hope that this information helps you and answers any questions you may have. Please feel free to contact us via e mail, or simply pick up the phone and talk to one of our experienced and fully trained business managers.

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