Which Van Finance Option Should You Choose?
Deciding which van finance option to choose is largely dependent on whether the vehicle is for personal use or business and if you want to own the vehicle at the end of the agreement.
The types of finance we offer at Rampage Vehicles are listed down below. You can find out more information about each of the finance options can be found across our website.
Business Contract Hire
Contract hire is process of the leasing a vehicle for an agreed period between two to five years once the contract has ended then the vehicle is returned to the leasing company. The monthly payments can be affected by how much you deposit. You will also need to estimate how much your annual mileage will be as this affects the value of the vehicle.
Personal Contract Hire
Personal Contract Hire is similar to Business Contract Hire regarding the length of the contract and paying fixed monthly rentals but as an individual, your VAT won’t be recoverable.
Finance Lease
A finance lease is where the business can pay for the entire cost of the vehicle (including interest charges) over the agreed period. There is also the option where you can pay for a balloon payment at the end of the agreement.
Hire Purchase
Hire Purchase can be used for both individuals and companies that would like to own the vehicle outright. This is ideal for those looking to purchase the vehicle but spreading the cost over two to five years.