Ryder Finance

Ryder Finance

Finance

We have flexible finance options to help you purchase the right used vehicle.

Ryder is able to source finance from almost any lender within the UK: the finance rates we can secure are very competitive. Whether you’re considering hire purchase or lease, we can offer you a finance quotation free of charge.

 

OPTIONS

 

Hire Purchase

Lease
  • Hire purchase is the most common form of finance; at the end of the finance term, you automatically take ownership of the vehicle(s). The benefits of hire purchase are:
  • Lease is the preferred option for customers who require a lower deposit structure and don’t want to own the vehicle at the end of the financial term. The benefits of lease are:

 

  • Deposit can be as low as VAT only; the most popular deposit is 10% plus the full VAT payment (20%) upon invoice.
  • The VAT payment can be deferred for up to three months. This may allow you to claim the full VAT amount before the VAT payment falls due.
  • Depending on the vehicle age, the term can be arranged for up to 60 months.
  • The vehicle(s) is seen as ‘on book’ for accounting purposes with write down allowances for tax purposes.

 

  • A lower deposit is required, typically one month, ie 1 + 36
  • VAT is added to each payment – rather than the up-front, in-full sum required when using hire purchase
  • At the end of the financial term, you can continue to use the vehicle(s) on an annual peppercorn rental basis

 

FREQUENTLY ASKED QUESTIONS 

I will struggle to raise the 10% deposit: can I pay a lower deposit? 
Yes. With hire purchase, the deposit can be as low as VAT only. With leasing, the deposit is typically from one month.
 On Hire Purchase can the VAT payment be delayed?
 Yes. The VAT payment (20%) can be deferred for up to three months. The total VAT payment is then taken with third month payment. This means you may be able to reclaim the full VAT amount before the VAT payment becomes due.
 Can a finance deal cover more than one vehicle?
 Yes. If you are buying more than one vehicle, we may be able to structure the finance agreement so that you make one single direct debit payment per month.
 I’m not VAT-registered: which is the best option for me?
 Leasing is the option for you
 My business is VAT-registered: which is the best option for me?
Hire purchase is the best option for you, because of the flexibility it allows. With hire purchase, the VAT payment (20%) can be deferred for up to three months. The total VAT payment is then taken with third month payment. This means you may be able to reclaim the full VAT amount before the VAT payment becomes due. You can opt for leasing, where the VAT is added to each monthly payment, allowing you to reclaim the VAT paid on a monthly or quarterly basis according to the tax system you use.
If I want to make accelerated payments and settle the finance early, which option should I choose?
Hire purchase is the option if you wish to pay off the finance earlier than the contracted term.
Can I own the vehicle at the end of the finance term?
Yes, you can if you choose hire purchase: at the end of the term, you automatically take ownership of the vehicle. During the term, the vehicle is seen as ‘on book’ for accounting purposes with write down allowances for tax purposes.
Do you offer finance on vehicles that will be more than 10 years old at the end of the term?
We have lenders who will consider allowing an extension to the age of a used vehicle. Contact us for more information.
I want to by some vehicles now on finance, but may need to buy some more in the next few months: can you help?
Yes. We can look to arrange finance in readiness for you to ensure you don’t miss out.

 

 

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