Contract Hire may be suitable should you prefer the option of hiring your car rather than owning it. It allows you to drive the car of your choice without any depreciation concerns and, provided you have kept to the agreed mileage and subject to fair wear and tear, you hand the car back at the end of the agreement with nothing further to pay. You can also include a maintenance package at extra cost for additional peace of mind.
Business users can also benefit from the ability to reclaim up to 50% of the VAT on rentals and 100% of the VAT on the maintenance rental, although this will depend on the individual business' VAT status. We recommend that you should take advice from your accountant or tax adviser on this matter.
Businesses that do not want to have depreciation concerns and want to fix costs over a defined period without owning the vehicle.
The finance company will remain the owner of the car during the agreement and they may be entitled to repossess the car should you not keep up the agreed payments. Additional charges will apply should you have exceeded your agreed contract mileage or if the car has suffered damage or excess wear and tear. No other charges should be payable assuming you have paid all agreed payments on time.
Jardine Motors Group as a finance intermediary work with a range of manufacturer approved and other third party finance companies to arrange finance plans and may receive commission for doing so. Jardine Motors Group is not the finance company. Each of these finance companies will have their own deposit requirements, interest rates and terms and conditions, including those relating to status and affordability, and it is important that you consider these carefully when discussing your options.