Finance information

HIRE PURCHASE

An initial deposit plus the full VAT, if applicable, is paid leaving the balance to be spread over an agreed term, typically 1-5 years.

The finance company pays the supplier directly. Once the customer has paid the required regular repayments the ownership is transferred to the customer.

On all hire purchase agreements the asset is included on the balance sheet and depreciation and capital allowances are accounted for as if the asset were purchased.

THE BENEFITS OF HIRE PURCHASE

The equipment is owned at the end of the agreement.
Existing bank credit lines are not tied up.
The agreement can be settled at any time.
Rentals can be monthly, quarterly or seasonal.
There are both fixed and variable rate schemes available.
Hire purchase is suitable for both businesses and private individuals

FINANCE LEASE

An initial payment or advance rentals are paid leaving the balance, plus interest, to be spread over an agreed term, typically 1–5 years. The finance company pays the supplier and leases the asset to the customer under the terms of the finance agreement.

VAT is payable on the initial payments and all rentals.

The customer is not entitled to become the owner of the asset at any time but is entitled to sell the asset on behalf of the finance company at the end of the lease and typically keep 95% of the proceeds.

On all finance leases the asset is included on the balance sheet.

THE BENEFITS OF FINANCE LEASE

Low initial outlay, typically the first 3 rentals.
VAT payable monthly.
Existing bank credit lines are not tied up.
Rentals can be monthly, quarterly or seasonal.

"We find that the Isuzu trucks are excellent workhorses for our type of business, giving us everything we need. In addition, we also receive excellent support from the local dealer Ferndown Commercials, which is not only close at hand, but also gives us first-class service."

Cumberland Reinforcements
"We have been using Ferndown Commercials to service our fleet of Recycling & Waste Management vehicles for over 5 years. We have purchased several new and used vehicles and have been more than happy with the sales service received, and attention to detail."

Commercial Recycling
"With Ferndown Commercials it is good to know that our fleet of tipper lorries and grab trucks are in good hands."

Avon Material Supplies Ltd
"We believe that the reliability of the Isuzu Lorries combined with the 100% commitment of the Ferndown Commercials team are a formidable asset to our company."

D J Wright Dairies Ltd