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Nationwide Vehicle Contracts Ltd is an appointed representative of Lombard Vehicle Management, Network Vehicles, Renault Financial Services.
Finance Lease is a popular finance agreement for business users and commercial vehicles where Contract Hire is not suitable. On a Finance Lease agreement, you can choose to pay either the entire cost of the vehicle, including interest charges, over an agreed lease period or opt to pay lower monthly rentals with a final payment based on the anticipated resale value of the vehicle. Finance Lease is not available to Private Individuals but is the preferred option for Partnerships, Limited Companies, Self Employed & Sole Traders due to the significant tax advantages.
At the start of the Finance Lease contract, usage parameters for the vehicle are agreed, and providing they do not vary, monthly payments and interest rates are fixed for the duration of the contract. With a Finance Lease agreement you can benefit from fixed monthly costs without taking on the hassle of administration and operating risks. At the end of the contract, the customer can then choose to operate the vehicle under a "peppercorn agreement" but at no time will take ownership of the asset.
For example, Joe Bloggs Ltd take out a Finance Lease agreement on a Nissan Primastar. The business pays a deposit for the vehicle, then a choice is made to spread the remaining balance over the remaining period, or, to defer a larger ’residual value payment’ at the end of the contract.
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