Product Information - Corporate Hire Purchase

Description of Product

A Corporate Hire Purchase through Volvo Car Finance is a convenient method to obtain immediate use of the vehicle you need. A Hire Purchase agreement is a contract for the hire of goods with an option to purchase at any time during the agreement. This type of financing is traditionally for the business user and can be approved in the name of an individual or company.

Features

• Terms range from 12 to 60 months.
• Interest Rate is fixed for the term of the hire purchase agreement as are your rentals.
• You can pay your rentals via the convenient method of Direct Debit.
• Other costs associated with the purchase can be financed on the contract (like, Comprehensive Insurance , registration and on-road costs).
• Subject to credit approval, Volvo Car Finance will finance 100 % of the purchase price.
• You can have a larger final payment (balloon), the amount requested is subject to approval guidelines.

Benefits

• Payments can be structured to suit you individual needs, with your budget and cashflow taken into consideration.
• With a fixed interest rate you are protected against the market fluctuations.
• By financing other costs and insurance you can preserve your cash for other purposes.
• Interest and depreciation are generally tax deductible.
• A Balloon payment will lower your regular monthly rentals and this not only improves your cash flow, but makes your vehicle more affordable.
• Ownership automatically transfers to you with the final payment.

GST and other Stamp Duty

Rentals on a Hire Purchase agreement are not subject to GST nor is the balloon payment. GST may be payable on the purchase price of the vehicle and other components of the transaction.