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LEASE
PURCHASE - WHEN YOU WANT OWNERSHIP...
Similar
to Hire Purchase but for the Business User.
It’s simply a loan agreement with
the option to purchase. You enjoy all the
benefits of using the vehicle, whilst the
finance company retains an interest until
the last payment is made.
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Your
deposit is paid on delivery of your
new vehicle, leaving the balance plus
interest paid over the agreed period
in equal monthly instalments. Full
title passes to you when the final
payment is made.
The
vehicle is treated as a cash purchase
for both VAT and Business Tax purposes,
thus allowing you ‘Written Down
Allowances’ of deprecation.
Where applicable VAT is reclaimable.
Full
interest charges can be offset on
an annual basis.
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