Business Car Finance UK -
Huddersfield, Wakefield, Leeds, West Yorkshire

Almondbury Business Finance is here to provide the finance and supply the vehicle. Also our service is not restricted to supplying cars and other vehicles to businesses; we are just as happy to provide the same competitive service to private individuals. Indeed many of our customers buy vehicles, which are for company use, on a personal contract and then charge their company a mileage rate. In this way certain tax implications are avoided, and the result is a better way of running a company car which also has an element of personal use.

Increasingly we now see the extended use of lease and contract hire arrangements. Also there are many personal contract purchase schemes which are popular because they allow the financing to be put together in a ‘bespoke’ way. For instance many of these deals are now put together with a ‘bubble’ payment which is outstanding until the very end of the contract. Usually the finance company will have calculated what it expects the residual value of the car to be at that the end of the contract. When the contract comes to an end the residual value is calculated. If the residual value is greater than the ‘balloon’ the customer will receive the excess cash. If, on the other hand, the residual is insufficient to cover the ‘balloon’ the customer will have to make up the shortfall. For this reason finance companies tend to err on the pessimistic side when assessing the future value of the vehicles.

Contract Hire is the most extreme form of ‘Dedicated Vehicle’ financing for commercial use. The vehicle can be supplied either with or without maintenance. Companies generally prefer to supply the vehicle with maintenance as this ensures that there is the best chance that regular servicing is carried out and recorded. In this form of vehicle financing the user never owns the vehicle. The beauty of this form is that the user can enjoy the vehicle and, as long as any conditions concerning mileage are observed, the costs are totally predictable. The company will normally impose a maximum limit on mileage and when this is exceeded a rate per mile will be charged as a lump sum at the end of the contract.

Increasingly we are asked to supply the vehicle as a package. This makes good sense for our customers as they will get the advantage of a discounted vehicle price as well as a very competitive deal. Also we are well positioned to offer our customers an alternative choice of vehicles. In some cases this can save our customers money and in others we have supplied a vehicle which offers more at the same price. The amount of choice available to our customers is remarkable. It is an interesting thought that there are as many as 2000 different types of transit van alone. Add to this all the models from competing manufacturers and it gives some idea how mind-boggling the choice can be for the average company which uses vans.

In order for us to properly advise with regard to vehicles we will always profile the company fully. This involves us getting to know a few things about the company. The information we need involves things like anticipated future growth, your proposals for the future and your current credit status. If you have encountered credit problems in the past we will still be able to give advice. In most cases we are able to arrange finance on vehicles even if there have been credit problems. When we know enough about the company we can then take a look at the vehicle required and come up with any alternatives.