Another option to a car lease is commercial car finance. This is a more traditional loan like private buyers would apply for. The difference being it is borrowed as part of the business and not directly by the owners of the business. Some business owners prefer to not take a car lease and opt for commercial car finance.
Like a normal loan, you borrow the amount you need to by the car, less the deposit you are willing to make. You then make monthly repayments on the commercial car loan until the principle plus the interest has been paid off.
In some cases this option may be more beneficial from a tax point of view, then the ongoing payments of a car lease. The car is also owned immediately by the business so it is regarded as an asset. Depreciation costs of the asset may apply and other running cost could also be tax deductible. We prefer not to make any confirmed statements about tax however, because each persons finances are unique and no general statements apply to everyone.
Commercial car finance can usually be arranged for a low interest rate. Information on the businesses financial situation will have to be disclosed, especially if you want to get the cheapest commercial car loan possible.
The main focus of Car Lease Finance is car leasing and commercial car loans, so you can be sure we offer expert advice on which option will best suit you. You can also be sure we have the most competitive rates all explained in an easy to understand way.
Why not contact us today, so we can help you get the low cost commercial car loan you are loking for.