Finance Options
When you are in business, choosing your funding method is as essential as choosing your vehicle.
So heres a handy guide to all the options available at BSVS and what they mean for your business.
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Choosing Your Funding Method
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| Contract Hire | Contract Purchase | Hire/Lease Purchase | Finance Lease | Personal Leasing | Outright Purchase | |
| Accurate monthly budgeting | • | • | • | • | • | |
| Improved cash flow | • | • | • | • | • | |
| Minimum capital expenditure | • | • | • | • | • | |
| Fixed interest rate | • | • | • | • | • | N/A |
| Capital allowances available | • | • | N/A | • | ||
| Rental allowable against taxable income | • | • | N/A | |||
| Ownership of vehicle + | •++ | • | •++ | • | ||
| VAT charge on rentals | • | • | ||||
| VAT recoverable on monthly rentals | •* | •* | ||||
| VAT recovered on purchase cost by Network and passed on to customer in lower rental | • | • | ||||
| No depreciation rates | • | • | • | |||
| No vehicle disposal problems | • | • | • | |||
| Reduced administration | • | • | • | • | • | |
| On-going advice/support | • | • | • | • | • | |
| Road fund licence provided | • | • | •** | |||
| Breakdown rescue cover | • | • | • | |||
| Replacement vehicle in case of breakdown | • | • | ||||
| Fixed charge maintenance ++ | • | • | • | |||
| VAT chargeable on services | • | • | • | • | ||
| VAT recoverable on services | • | • | N/A | • | ||
| Optional GAP insurance *** | • | • | • | • | • | |
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Key Symbols:EY + At end of contract with financing products. ++ Optional. * Only 50% of the VAT relating to the finance element is recoverable if private use. 100% if only business use. 100% of the service element VAT is recoverable if business use. ** Road fund licence is provided for the first year only. *** GAP insurance covers the short-fall between the write-off and value at time of loss. |
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