Leasing Products Explained
Most Popular Questions
No. Leasing is a great option for personal and business users.
Our expert Rob answered... Currently we don't offer Hire Purchase but we can provide you with a very similar product called Contract Purchase. Contract Purchase is an agreement to purchase a vehicle via a series of monthly instalments. Ownership passes to you at the end of the contract following a final payment. At the end of the agreement you will have a guaranteed residual value, which enables lower monthly payments, this is set by the finance company at the start of the contract, a contract purchase will give you three options by the end: Part exchange and use any equity for the deposit on your next vehicle.Hand the vehicle back to the leasing company (subject to mileage and condition).Keep the vehicle by paying the optional final payment.
If you are starting a new business it would depend on what trading entity you will begin trading as. If you will be starting as a sole trader, the finance company will simply look at your personal credit history. Depending on the outcome of the searches they might ask for bank statements, and balance sheets including profit and loss for the business to help support the credit application. However, if you have started a new limited company, you will need to supply at least three months of business bank statements for the finance company. This is mainly to confirm the business is trading. As you would expect, there is very little tradingHistory with new limited companies. Some, but not all of our funders, might ask you to be a guarantee on the finance if you are a new limited company.