Funding

Benfield Corporate Motoring offer many different options to fund business vehicles:

Contract Hire

Benfield Contract Hire is a VAT efficient method of running company cars for business use. The contract will usually cover all the aspects of motoring except for insurance and fuel, for a given period of time and to cover an agreed total mileage.

Personal Lease

The Benfield Personal Lease is ideal if you want to pay a fixed monthly charge with no deposit. At the end of the agreed term we pick up the car and drop the new one off for you.

We can also advise on other aspects of managing your company cars, including:

• VAT Treatment of Company Cars
• Corporation Tax Issues
• Personal Taxation of Company Cars
• Mileage Allowances for Company and Privately Owned Cars
• Company Car Policy
• Health and Safety Guidelines
• Cash for Car Schemes

Personal Contract Purchase/Business Contract Purchase

Personal Contract Purchase is for clients who want to have the option to own the vehicle at the end of the contract and who require expense control. It is a superb option for those who have opted out of a company car scheme or for non-VAT registered companies. This is a variation on lease purchase where the 'balloon' or deferred payment is agreed and guaranteed.

Personal Contract Purchase means:

• A low deposit
• Payments that can be reduced by a deferred 'balloon' payment
• An option to own the vehicle at the end of the contract
• No disposal or unexpected 'balloon' payment risks
• The option to refinance the balloon payment at the end of the contract

Hire Purchase

Hire Purchase is a simple and popular way of purchasing a vehicle, with some worthwhile tax advantages for businesses if attention is paid to C02 emmission ratings.

If ownership is a priority, this is an extremely cost effective method of borrowing.

Paying an initial deposit, calculated as a percentage of the total cost this is followed by fixed monthly repayments; which allows you to budget monthly expenditure precisely in advance.

Business users may claim tax relief on the interest charged too and the vehicle is also classified as an asset, which allows it to be written down against taxable profits.

At the end of the agreement, which may be from 1 to 5 years, you become the outright owner of the vehicle.