Confused between business and personal car leasing? Both sounds same? We understand – we have been asked many times what is the difference between Business vs personal car leasing? What I can get and what is best for me…
Here are difference between business and personal car leasing.
Business Car Leasing
You might have heard Business car leasing, business contract hire, business purchase hire and many other terms. However all are same just a different term.
Business Car Leasing is the method that businesses can finance car on minimum down payment and agreed mileage contract with fixed monthly payments.
The minimum down payment is depend on car and car lease deal, It could be low as £89 or high as 9 payments depends on the car lease deal.
Car lease terms is decided on when you lease a car which normally comes as a 2 year, 3 year or 4 year with decided yearly car mileage – minimum 5,000 to maximum 40,000.
Business Car Lease comes with excludes VAT and is subject to VAT of 50% reclaimed called as blocked VAT.
Personal Car Leasing
Personal car leasing also be referred other as Personal contract hire, personal lease car etc…
Personal car leasing is very similar to business car leasing – mileage, deposit and monthly fix payments.
The difference is personal car leasing is it includes VAT.
You can get more information about business and personal car leasing from our team. Call us on 0800 458 0113 for more details.