How can finance help you manage your business’ vehicles

How can finance help you manage your business’ vehicles?

There are a few different options that allow us to help finance to manage your business’ vehicles here at WestWon. These include hire purchase, finance lease and sale & leaseback. If you would like to read more about these then see below. We can also finance electric vehicles (as well as their charging points) as we know that the future of fleet is evolving fast.

How can finance help you manage your business’ vehicles?

Hire Purchase – this involves financing a vehicle over a term (usually 1-5 years) with fixed monthly payments. These fixed rates ensure they stay the same throughout the agreement term. In terms of budget, this is the best option available to you, because you will know throughout the agreement exactly what you will be paying and when. However, it does depend on the cash flow of your business. Once you have paid the final instalment, and the terms and conditions have been met, the vehicle becomes yours.

Finance Lease – this is a tax efficient way to lease your vehicle. It’s a very efficient type of lease due to its flexibility and its benefit of not having to use other capital resources. The rentals are also fully tax deductible. When the lease agreement has ended, you have two options to choose from. You can either extend the agreement, however this will include a nominal secondary rental fee. Or you can profit from most of the net income from the vehicle.

Sale & Leaseback – there’s less risk with a sale & leaseback as well as it not affecting invoice discounts either. However, a sale & leaseback can only be completed on the basis the vehicle is refunded within 3 months of purchase. This is a crucial point to remember. What’s also different with sale & leaseback, we can lease the vehicle back to you. However, you will still have full use of the vehicle. Monthly payments are all tax deductible.

How can WestWon help?

Here at WestWon we offer a range of finance options. Leasing and finance can offer your business several benefits, and at WestWon with our 5* customer service, industry leading rates and dedicated account manager, we hope to be your first port of call.

Leasing and finance allows you to keep funds in your business and protect your cash flow. There is also no need to use up an existing bank facility and you can always have the latest equipment by implementing a recycling strategy.

There are also tax benefits, as when using a lease rental agreement, 100% of your rental is deductible against your company’s corporation tax. VAT is also paid in the rental rather than in full and upfront. There is also the question of why you are paying for the equipment in advance. You wouldn’t do implement this for your employees, so why do it for your vehicles and other business equipment?

Other assets we can finance

Here at WestWon we can offer finance options for several assets. All of which can be found on our assets we finance page. This includes assets like computers, software, furniture and fit outs, business loans, dentistry, and EV charging points.

In fact, not long ago, we wrote a blog on electric vehicle charging points which we now finance. To read that blog, click here. Alternatively, if you would like any more information on the assets we finance above, or any other services we provide, please reach out using our contact details below.

Contact Us

If you would like more information on how finance can help you manage your business’ vehicles, or any other finance needs you may have, then please don’t hesitate to contact us. You can email us on hello@westwon.co.uk, or alternatively you can call us on 01494 611 456. You can also see more over on our LinkedIn page.

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The Financial Conduct Authority (FCA) regulates financial services in the UK and you can check this on the Consumer Credit Register by visiting the FCA’s website here or by contacting the FCA on 0800 111 6768. WestWon Limited is a credit broker and not a lender. WestWon companies deals with a range of lenders. All WestWon companies hold a current Data Protection Licence and are registered for VAT. These details, together with our policy on Treating Customers Fairly, Complaints Policy and address details are held under our Get In Touch page.
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