S80 Volvo Car Credit

Car Credit: Vehicle Contract Hire is an option available to people who want to hire a vehicle for a certain amount of time and pay a fixed rental fee. This fee is based upon the amount of miles that will be accumulated. So, in effect, the more miles that are accrued, the more costly the rental fee will become. In terms of the actual contract on offer there are two options. The first can be for car hire only with no maintenance assistance and the second being that it includes maintenance. Upon completion of the contract terms, the vehicle is then returned to the lending company. This type of car credit option can also be used for businesses with the cost of hire being offset against taxable profits. There is then the option for the VAT to then be reclaimed. Vehicle usage and the vehicle type determine what level of VAT can be reclaimed. However, a vehicle contract hire is a choice amongst VAT registered companies because of this option. Rental paid on vehicles under £12k are fully deductible against corporation tax. Higher priced vehicles only allow for a proportion of the payments to be offset. If a vehicle is partially used for private use, only 50% of the VAT is recoverable. However, vehicle service and maintenance are fully recoverable. Vehicles under contract hire are not recorded as assets on the company balance sheet. Usually a vehicle contract hire contract will consist of a 12-60 month contract, which will include mileage restrictions, an initial low rental fee and road tax.

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Car Credit Assured is authorised and regulated by the financial services authority. Applicants must be over 18 years of age. Credit is subject to status and income. Written details are available on request. Credit only available on cars supplied by Bristol Street Group Ltd and its subsidiary companies. Typical finance example; cash price £5,499, deposit £499, amount of credit £5,000, total charge for credit £2,799, total amount payable £8,298, payable by 59 monthly payments of £125, followed by one monthly payment (inc application fee) of £424.