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Nationwide Vehicle Contracts Ltd is an appointed representative of Lombard Vehicle Management, Network Vehicles, Renault Financial Services.
Contract hire is a finance solution available to sole traders, partnerships and limited companies. Contract hire is a very popular choice for VAT registered companies as they can claim back 50% of the VAT on the finance element. It also allows the company to concentrate on their core business activities, while avoiding the financial risk and administrative burden of owning their vehicle fleet.
The company hires a vehicle from a provider for a specified period of time and makes regular monthly payments to rent it. The leasing company retains the ownership of the vehicle and is responsible for the associated risks. At the end of the contract period, the vehicle is returned to the leasing company.
Mr Joe Bloggs & Co has taken out a contract hire agreement on a Renault Trafic. The contract is for 48 months with an annual mileage of 15,000. After the initial payment of £694.50 + VAT, Joe Bloggs & Co pays a monthly fee of £231.50 + VAT direct to the finance company. As Joe Bloggs is a VAT registered company, they are also able to claim back the VAT on the vehicle. At the end of the 48 months, the Renault Trafic is returned to the leasing company and Joe Bloggs & Co. is free to hire or purchase another vehicle.
Key features and benefits include:
Contract Hire agreements range from 24-48 months and are tailored to the business requirements.
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