A business lease, also known as business contract hire or BCH, is when an individual leases a car under their business. As long as the individual owns a company or is registered as a sole trader, they may have access to special business car leases options.
Choosing to lease a car as opposed to buying or renting one brings with it many benefits. It will be much more-cost-effective, you can include maintenance packages so you are never hit with extra costs, plus you may be entitled to some tax credits for your business.
Before entering into lease, it’s important that you research business car leasing so you know exactly what to expect. Read on to find out the main questions that you should ask before leasing a car for your business.
What are the advantages for my business?
As touched on above, leasing has numerous advantages. It will be cheaper than taking out a loan for a vehicle, plus you will get to drive a new car while only paying depreciation value. There will be low monthly repayments, flexible terms, and options to extend.
Business benefits include that when you lease a car, the vehicle will not be counted as a company asset. This will help to improve the look of your balance sheets. You can also claim back VAT on hire payments, as well as claim back for cars which are eco-friendly.
A lease car will enable you to have better cash flow management.
Can I change the annual contracted mileage during the term?
Yes, absolutely. Our helpful team members will listen to your needs in order to adjust the mileage to a figure that works for you. The contract will be fully bespoke, so we will also tailor the contract and terms to your specific needs.
Where do I take my vehicle for Servicing and Maintenance?
A maintenance package will cover a range of costs should anything need to be repaired or replaced, so this is an excellent option for business owners. Should you need maintenance for your car, you can use the special phone number that will be given to you. You will then be given a slot at one of the local, participating garages, when you can get your car services to fixed for no charge.
What happens if you want to end the lease early?
Choosing to end your lease early is not a problem with Intelligence Car Leasing. If you do terminate the lease early, you may be required to pay a termination fee. Speak to one of our advisors to see if this will affect you and how much it will costs.
Am I eligible for Business Car Leasing?
In order to be able to lease a car, you must wither be registered as one of the followingL sole trader, partnership, ltd or PLC. business. You will be required to show you business bank statements, as well as proof of address. A good credit rating, although you can see what options are available by discussing them with a representative.
Head to the homepage to check out the many special offers available on business car leasing. A top tip is that if you want to save your company more money you should choose a vehicle which has low Co2 emissions. You can search for your perfect car online, or give one of our helpful staff a call today, and you should soon be driving your dream lease car.