Business Car Finance | Finance for New Company Car | Company Car Finance

Business car finance

Business car finance 750 400 Lorna Slee

Business car finance enables companies to purchase new vehicles, without having to fund the total amount of the purchase upfront. Whether it is a company car upgrade, a brand-new vehicle requirement or a new fleet of vehicles, there are currently some excellent finance deals available.

There are several solutions available:

  • Contract hire enables a business to pay a fixed amount per month for the vehicle, choose a maintenance and service package if required and at the end of the term the vehicle is returned
  • Contract purchase operates in a similar way to contract hire except at the end of the term there is an option to outright purchase the vehicle through a final balloon payment
  • Purchase finance or finance lease allows a company to finance either the entire cost of the vehicle through monthly repayments or opt for cheaper monthly repayments with a balloon payment at the end. Throughout the term of the finance though the vehicle will remain the property of the lender until the final payment is made or the vehicle is subsequently sold 

Often the process for applying for business car finance is a quick one. A simple financial review will happen followed by an evaluation of available options and then a decision on which is the best deal to select. It is likely that you will wait longer for the arrival of the company car than what you will for arranging the finance.   

The other key decision to be made is whether you stick with the standard fuel-based vehicle or take the green route and look for something that is electric. With the tax savings available by opting for an electric vehicle many businesses are exploring this option.

 Here at NGI Finance, we can help our clients get their new company car in time for the latest registrations available in March. If you provide us with the details of your new company car requirements with a tax date on the invoice of between 22nd and 28th February, then we can make sure you secure the new 22 plate on 1st March.

To find out more please call us on 01993 706403 or e-mail enquiries@ngifinance.co.uk.

We can provide you with tailored business finance solutions.

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