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Business car finance 

What’s the best way to buy insurance? Quotezone has the answers

In our guide to car finance for business, we outline the ways in which you can purchase or lease a car. You’ll then be able to find the best quote for you and your needs – quickly and easily. 

Buying a car is so much more than walking into a dealership, paying with cash and driving out with a brand spanking new vehicle. Instead, you can use car finance or take out a loan to buy a new car. However, there are so many types of car finance. More specifically, there are so many types of car finance for business. Different dealerships will offer different deals. All will have various impacts on how a business finally chooses to buy a car. 


Can a business apply for car finance? 

It is definitely possible for a business to apply for car finance. Many car finance companies will offer car finance for businesses. For that reason, it is best to shop around for the best quote. You should consider the quotes in terms of: 

  • how much a regular monthly payment is, 
  • how much a deposit needs to be, and
  • what the final lump sum payment is. 

In doing so, you should soon be able to see what is affordable for your company. 


How do I finance a car through my business?

Financing a car through your business is easily done and can be an effective way of optimising your tax liability. Each car finance provider will have a slightly different route with various terms and conditions. However, broadly speaking, you can use your business to take out a loan to buy a car or you can make use of a hire purchase agreement. Or, finally, you can choose to lease a car; all of which can be done through your business account.


What are the tax implications of car finance for businesses? 

In any scenario, you can claim certain business expenses. In the case of hire purchase, the interest payments are tax deductible and you can claim capital allowances against the cost of the vehicle, too. 


What about lease cars? 

When you lease a car, you can claim each monthly lease payment as a business expense. However, in these cases, your company does not own the car so it cannot be seen as a company asset. 


How can I find car finance for businesses?

Quotezone.co.uk can help you quickly and instantly find the best funding options for you and your business. It can help you, therefore, find a car to purchase either on a hire purchase agreement or through a leasing contract. They both have their nuances so Quotezone.co.uk can be fundamental in helping you find the right product for you, ultimately with the best provider possible. 


Why is getting the right car finance for companies important?

Taking out car finance is a big commitment so it’s important to get it right. When it comes to making your business as financially sound as possible, locking yourself into an affordable car finance deal is crucial. It can not only minimise your outgoings but it can ensure your cash flow is the best it can be.  

*Representative Example – Personal Contract Purchase: Cash Price £15,000.00, Deposit £500.00, borrowing £14,500.00 over 4 years at 8.9% Representative APR (fixed). 47 monthly payments of £228.99 followed by a final payment of £7,560.00. Total cost of credit of £3,832.53 and total amount payable of £18,832.53. Based on 8,000 miles per annum, excess mileage charges will apply if this is exceeded. Finance subject to status 18+ only. We are a credit broker and not a lender. Magnitude Finance is a trading style of DSG Financial Services Ltd. DSG Financial Services Ltd is a company registered in England & Wales with a company number 02313903. Our VAT registration number is 511678843. DSG Financial Services Ltd is authorised and regulated by the Financial Conduct Authority under firm reference number 649675

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