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Contract
hire is for all businesses the vehicle-rental contract every
size of company from sole traders, partnerships to SME, limited
companies and PLC's. The benefits of contract hire include
a single fixed rental payment each month often including road
tax (road fund license) and not to forget servicing and all
maintenance on the vehicles. Contract periods vary but are
normally between 18 and 48 months but there are deals for
3, 6 and 12 months available. Small deposits are taken for
initial payment normally 1 to 3 months. VAT is always added
on contract hire vehicles but usually to some extent recoverable
by all VAT registered companies. The vehicle is usually returned
to MVR at the agreed contractual mileage with no final payments
due. For details of Finance Lease & Contract Purchase,
please contact this office.
Hire Purchase
MVR offer Hire purchase arrangements on a range of vehicles
it is one of the most popular ways to distribute the cost
of buying a new car over a fixed period. All hire purchase
agreements are fixed rate finance deals, usually with a set
agreed monthly payment. Deposits are variable – they
can run from £99. The outstanding amount plus the fixed
interest is usually paid over 12 – 60 months.
Personal
Contract Hire
PCH or Personal Contract Hire is available through MVR also
it is purposely created for individuals looking to opt out
of their car scheme offered by their company. You may be joining
an organisation that offers a company car allowance scheme,
instead of a company car. All PCH contracts incorporate road
tax and not to forget servicing and all maintenance on the
vehicles. Contract periods usually span between 24 and 48
months. Again, a low preliminary payment is taken, usually
between 1 and 3 monthly payments. The vehicle is returned
to MVR at the agreed date and with the agreed mileage with
no final payments due.
Non Status/Sub Prime Contracts
Available to all that have had credit problems or difficulties,
MVR offer contract agreements to cater for all circumstances
including start-up companies and individuals. These agreements
are normally started with preliminary payments of up to 6
monthly payments
Personal Contract Purchase
MVR’s PCP schemes or Personal contract purchase is accessible
to all subject to status. PCP offers a new or used vehicle
for a set prearranged time period, usually 24 - 48 months.
As with contract hire, a low preliminary payment is taken
to start, usually between 1 and 3 monthly payments; this is
followed by agreed fixed monthly payments for a set period
with a prearranged restricted mileage. If you wish to take
ownership of the vehicle at the end of your contract period
there will be a value that you have the option of paying outright,
alternatively you can give the vehicle back without incurring
any penalties.
Lease Purchase
Lease Purchase with MVR offers a smaller monthly payment than
the usual normal hire purchase agreements. You have the opportunity
during the contract period to make a final single payment
of total amount (‘lump sum’ or 'balloon') to own
your car or as in HP (Hire Purchase) all Lease Purchase agreements
have a final inflated payment at the end of the contract.
From
as little as £99 your deposit payable to MVR is flexible.
Over the agreed contract period the remaining balance is paid
in fixed monthly increments and then the final total payment
to clear the balance. Lease purchase contracts normally run
for 12 – 48 months.
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