Complete Vehicle Management offer a variety of finance products, although we recommend Finance Lease or Hire Purchase.
Finance Lease - Finance lease provides the option for VAT-registered users to pay for vans off balance sheet, spreading the cost of the VAT to the monthly payments rather than requiring payment up front as is the case with a purchase product.
You can choose to lease your van with or without balloon payment due at the end of the initial lease period. Monthly payments will be reduced during the rental if you choose the balloon option. Once the initial lease period has ended, you will have the option to sell the van on behalf of the finance company and pay them a percentage of the sale price (normally 5%) or extend the lease, paying only a peppercorn rental.
Note that if you choose the balloon payment option to reduce your rental, this will need to be settled as part of either of these options.
- Pay a deposit (minimum of all the VAT)
- Pay monthly instalments over an agreed time
- Once all payments have been made you will own the van
It is different from other types of borrowing because you don’t own the van until you have paid in full. Under an HP agreement, you hire the van and then pay an agreed amount by instalments. You may settle the agreement at any time.
This is a simple finance option and comes with many benefits:
- Fixed monthly payments suited to your budget
- Available over payment periods between 24 and 60 months
- The interest rate is fixed and competitive
- Available on vans up to 10 years old at the start of the agreement
- There are no mileage restrictions
Business Contract Hire (BCH) is a finance option offered by Complete Vehicle Management. This is suitable for companies and individuals registered for VAT. The main advantage is that the VAT portion is up to 100% recoverable.
If you're VAT registered, the VAT portion of your payment is 100% recoverable if the vehicle is used solely for business use and can be offset against your company's taxable profits. This figure drops to 50% if the vehicle is also available to the driver for personal use.
The vehicle will be hired for a set period of time – typically between 24 and 60 months – and monthly rentals are set based on agreed mileages.
Fill out the form below to request your personalised quotation and we will be in contact with you as soon as possible.