With a finance lease agreement you do not own the asset but you would receive most of the sale proceeds if the vehicle or equipment is sold on at the end of the lease. There is also the option of a residual or 'balloon' payment at the end of your agreement with this type of lease.
For business customers finance lease can be treated in a very similar way to contract hire
and the monthly payments can be offset against taxable profit. For more details on the full benefits of finance lease for businesses get in touch
or speak to your accountant.
It is available with a residual value ('balloon' payment) at the end of the lease which offers lower monthly rentals.
Alternatively, it is available as a fully amortised lease which means that the monthly repayments reflect the full value of the vehicle over the primary lease period and at the end of the agreement you can choose to lease the vehicle for a secondary period for a nominal rental.
At the end of the lease period you must sell the vehicle yourselves. Should you wish to take title yourself it would need to be sold on to a third party first and then bought back by yourselves. West End Leasing can act as the third party in this instance.
For more information on this or any other financial product pleas contact us.
*Please note that all of our financial services are subect to status, for more information please see our terms & conditions.