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Your business uses the vehicle while paying a rental rather than a repayment. The monthly rental is determined by the initial cost of the vehicle (excluding VAT), the period of the finance lease and the residual value (the estimated future value of the vehicle at the end of the finance lease period once depreciation is taken into account), plus interest.
Although you never take ownership, at the end of the finance lease contract a payment equivalent to the residual value is payable. Usually this means that the vehicle is sold and a proportion of the proceeds of the sale are returned to the lessee.
Most finance lease companies will offer a number of payment options to suit your cash flow. You can lower the monthly rental with a balloon payment at the end of the contract, or you can pay the entire cost in monthly rentals (normally referred to as a fully amortised Finance Lease), in which case you may be able to extend the finance lease with a secondary rental (sometimes called a peppercorn rental).
* Please note: All vehicle images and car descriptions on this site are for illustration and reference purposes only and are not necessarily an accurate representation of the vehicle on offer. All offers are subject to change at any time and are subject to finance approval and vehicle availability. Failure to maintain payments may result in termination of your agreement and the vehicle being returned, this could effect your credit rating and make it more difficult to obtain credit in the future. All prices correct at time of publication.
T: 01656 334 334
F: 01656 644 555
My Big Green Fleet Ltd
39E Vale Business Park
My Big Green Fleet Ltd is authorised and regulated by the Financial Conduct Authority (FCA No 789240), whose permitted business is to act as Principal Firm for a network of Motor Dealer Appointed Representatives who act as Credit Brokers for introduction to finance providers, acting on behalf of the lender.
Registered in England & Wales with company number : 9004759 | Data Protection No : ZA099934 | VAT No : 186 6586 50
Registered Office : 39E Vale Business Park, Llanmdow Cowbridge CF71 7PF
Copyright © 2020 My Big Green Fleet Ltd, All rights reserved.