|
Individuals
After choosing the vehicle you require, you simply pay a deposit to
suit your available capital (normally 10%), and your monthly
payments are then set over an agreed period (24, 36
or 48 months). |
|
| At the end of that period the vehicle is yours
to keep, sell or part exchange. This is the simplest and most common
form of finance. |
|
| All you need to do is decide upon the size
of your deposit and the repayment period. |
|
Businesses
Hire Purchase is also an attractive option for businesses. Not
only does the vehicle appear as an asset in the company accounts, but
you can use the capital you would have spent in buying the vehicle
outright within your business, thereby benefitting your cash flow. In
addition to this all of the interest on your payments is allowable
against tax and payments do not attract VAT, making Hire Purchase ideal
for non-VAT registered businesses. The vehicle's value can also be
written down against your profits. |
|
|
In summary, the main advantages of Hire Purchase
for businesses are:
|
|
• Ultimate ownership
• Low initial outlay
• Flexible payment pattern
• More capital available for your business
• Interest charges allowable against tax
• Fixed interest rate
• Write down allowance
• Fixed budgeting
• Finance not subject to VAT |
|
Options
Before making your decision, you may wish to contact RyderCar Limited
to find out more about the full range of Hire Purchase
options available.
RyderCar can suggest the names of finance companies for clients to
contact directly, but RyderCar does not accept any responsibility for
any business conducted by its clients with these companies. |
