Contract Hire
Contract Hire is a method of funding a vehicle that is available to business users from PLC's, Limited Companies, Sole Traders and Partnerships. A major benefit of funding this way is to get a fixed monthly payment often including road fund licence, servicing, and maintenance therefore keeping control of your vehicle costs. Duration of contract can vary but are typically between 18 and 48 months although shorter periods can be accommodated. VAT is always included in the monthly payment but is usually recoverable to some extent by a VAT registered company. On completion of the contract the vehicle must be returned to MVR at no more than the agreed contractual mileage with no further payments required.
Personal Contract Hire
This method of funding is particularly relevant to those who may be opting out of a company car scheme and are then able to choose their preferred vehicle perhaps using an allowance to make the monthly payments. A low preliminary payment (deposit) is taken followed by a contract term usually between 24 and 48 months with payments incorporating road fund licence, servicing and maintenance. On completion of the agreement the vehicle would be returned at the agreed final mileage with no further payments required.
Hire Purchase
This funding method is one of the most popular ways of distributing the cost of a new or used vehicle over a fixed period of time. All Hire Purchase agreements have a fixed rate which in turn gives a set agreed monthly payment. Deposits are usually necessary and can be variable to achieve an affordable and acceptable monthly figure. The term for this type of agreement would normally be between 12 and 60 months.
Personal Contract Purchase
MVR's Persona Contract Purchase scheme provides for a cost effective way of acquiring a new or used vehicle for a set duration, usually 24 to 48 months.
As with other schemes a low initial payment is taken (deposit) followed by agreed fixed monthly payments for a set period linked to a pre-arranged restricted mileage. On completion of the agreement you can take outright ownership of the vehicle by settling a deferred sum (guaranteed future value), alternatively you can return the vehicle without incurring any penalties.
Lease Purchase
This scheme is similar to a regular Hire Purchase agreement but offers a lower monthly payment by deferring an amount known as a "Balloon or Lump Sum". Upon settlement of this final single payment you can take ownership of the vehicle outright. Contract periods are normally 12 to 48 months duration with a deposit payable at inception followed by equal fixed monthly payments followed by a final payment to clear the balance.
Non Status / Sub-Prime Contract.
Suitable for those that may have or have had credit problems or difficulties. MVR can offer contract agreements catering for all circumstances including start up companies and private individual with adverse credit. These agreements are normally started with a preliminary amount of up to 6 months payments as a deposit.
FOR FURTHER DETAILS ON ANY OF THESE PURCHASE METHODS PLEASE CONTACT YOUR NEAREST OFFICE FOR SPECIFIC INFORMATION.Accessibility to all agreements is subject to status.
