Business vehicle leasing, sometimes known as business contract hire, is a method of finance where you pay a simple fixed monthly payment for the use of vehicle(s) over an agreed period of time, most commonly 2-4 years. This product is a flexible finance plan for business customers.
How does it work?
At the outset of the agreement, we’ll set a lump-sum final repayment. This is referred to as a ‘balloon’ payment.
You pay a deposit and then make reduced monthly repayments based on the outstanding loan balance less the balloon repayment.
At the end of the monthly repayment period you have two options;
Make the balloon repayment and the car is yours
Part exchange the car and use any equity as a deposit on your next car
What else do I need to know?
Repayment periods can vary from 12-48 months.
The balloon repayment amount will be set dependent on the age of the car and the length of the agreement.
The car must not be more than 10 years old at the end of the agreement and the minimum loan amount is £1,500
Finance provided by Key Motor Finance on behalf of Santander Consumer (UK) plc, subject to status, terms and conditions. Applicants must be 18 or over. Guarantee/indemnity may be required.