As a Jiffy Truck is a valuable business asset many of our existing customers benefit from financing the purchase of their vehicle.
Jiffy
is a specialist vehicle manufacturer and
we do not offer finance ourselves because
we believe you, our customer, will get the
best deal through an independent broker,
bank or building society. Over the years
however we have developed a good working
relationship with many finance oraganisations
and as such can provide an impartial list
of companies that have successfully financed
our vehicles for customers in the past if
it will be of assistance to you.
We do recommend that you obtain quotes from several reputable companies and choose the best one for you and your company.
There is
a wide variety of finance deals on offer
today and we appreciate that they can seem
quite bewildering to start off with so the
following is a brief description of the
most common types, though your finance company
should be able to advise you properly:
Hire Purchase:
The most popular method for buying a vehicle, but not generally used for financing business equipment.
A deposit (usually 10-15%) is required, plus all the VAT on the vehicle.
The balance is then financed over a fixed term, at a predetermined fixed rate of interest. The interest can be offset in your accounts. At the end of the term, the Truck is yours and can be part exchanged against a new one at its full value. A document fee is also payable with the first payment and an option to purchase fee with the last payment.
Lease Finance (sometimes referred to as Lease Purchase):
A deposit (usually 10-15%) is required, plus VAT on this figure.
The
balance is then financed over a fixed
term, at a predetermined fixed rate of
interest, with each payment being made
plus VAT. The entire monthly repayment
can be offset in your accounts. At the
end of the term, on payment of a "Transfer
of Title fee", the Truck is yours
or you may hand the Truck back. A document
fee is also payable with the first payment.
Contract Hire:
A
deposit of up to 6 months rentals is required,
followed by monthly rentals for the agreed
period (all rentals are liable for VAT).
An annual mileage is generally agreed
upon and Road Fund Licence for the whole
hire period may be included. For an additional
monthly charge, a maintenance package
for the chassis (called Contract Hire
with Maintenance) or a full "nose-to-tail"
maintenance package (called TLC) may be
added.
The Truck is kept off the balance sheet, with the rentals offset in your accounts.
At the end of the agreed term, the Truck is returned to the Finance Company (when excess mileage or damage may be charged) and a new agreement with a new Truck will be started.
