The flexibility of car finance is a great help to businesses aiming to more effectively manage their motoring budget. There are a number of terms and agreements available when choosing any MINI as a company car. In the majority of cases, there is no obligation to purchase the vehicle – greatly easing the financial stress.
Contract Hire, for example, can be used to gain full access to a new MINI by paying monthly. You can select more than one car, and could have the option to pool the annual mileage limit across all of the vehicles you need.
Monthly payments on Contract Hire are typically made over a period of between 24 and 48 months. At the end of the term, the vehicle(s) will be returned with nothing further to pay. The shorter agreement means it's simpler to enjoy a new model on a more regular basis.
An alternative is a leasing agreement, which is a legally-binding contract for hiring the vehicle. Choosing a lease could give you a pathway to ownership of the model if you'd prefer, and continues to provide the option of simply handing it back at the end. Owning the car would depend on making a balloon payment deferred to the end of the term, just as with a Personal Contract Purchase.
The reduced cost of leasing and shorter agreements make monthly costs lower. This could put more expensive and luxury cars comfortably within your business budget, compared to attempting to purchase outright. It also protects you from losses involved with the depreciation in value which every model is subject to over time.
Lease Purchase is another related option for VAT-registered companies, as this tax is claimed back by the lender and the saving is passed on to you. To find out more about any business leasing solution, please get in touch.
Explore the MINI car range and the business finance solutions available from Westerly MINI now. Find us in Yeovil, Bridgwater, Exeter and Barnstaple.