Refrigerated Vehicle Finance
We work closely with First Business Finance who we believe will help to find you the best deal on finance for your desired vehicle. We are partnered with First Business Finance purely because of the brilliant service our customers get from Aston and the vast array of funders the company has to hand, offering the best finance solutions on the market. Aston is quick to respond to any request that either BHRV or our customers have and works on a more personal level than the other finance providers we have used in the past. He often meets with our customers in person to make the paperwork process easier and I am confident they are in safe hands from start to finish.
First Business Finance understands that with vehicle finance, every business is different. It’s this fact that allows them to work with our customers to understand the individual needs of each proposal to deliver a solution that fits. Whether you want them to finance one vehicle or many, they will always offer you the same high level of service.
Their most common types of finance agreements
Hire Purchase
This is our most common form of finance package – whereby all the VAT is to be paid upfront along with any other deposit the customer would like to put down if any. The balance is then spread over the finance term.
Each monthly payment is fixed from the start and at the end of the agreement you own the vehicle outright. This funding option is typically taken over a term of 2 to 5 years. Balloon options are also available to lower the monthly payments.
Businesses can claim 100% of interest offset against taxable profits and claim down yearly write off allowances against the vehicle. This is well as claiming back all the VAT deposit.
Finance Lease
The lease option is very similar to the hire purchase agreements, with only two differences;
1. The VAT does not need to be paid upfront, so very minimal deposits need to be put down.
2. At the end of the contract a title transfer payment must be made (typically charged at the fixed monthly rental)
This is more flexible and can be very VAT/Tax efficient, as all lease costs can be offset against pre tax profits, thus saving circa 20% per year. The only difference is that the VAT is spread across the term, rather than paid upfront, thereby aiding cash flow. Terms again are typically taken over a term of 2 to 5 years. Balloon options are also available to lower the monthly payments.
If you would like to know more about financing please speak to Aston on 01634 386 869
