Finance Lease is a popular agreement for businesses needing cars, vans and commercial vehicles where contract hire is not suitable. It offers flexibility and tax advantages to eligible companies who require one or more vehicle.
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If you choose to pay for your car with a Hire Purchase agreement, you will normally pay an initial deposit and will pay off the entire value of the car in monthly instalments. When all the payments are made, the Hire Purchase agreement ends and you own the car.
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Business Contract Hire is a hire agreement between any trading business (sole trader, LLP, Ltd or PLC) and a finance company. The finance company owns the vehicle, and the lease is essentially paying for the depreciation in value of the vehicle during the contract duration.
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