Finance
There are a range of competitive finance options available through Finance Mitsubishi and Mitsubishi Contract Motoring:
Hire Purchase
Is the traditional way of purchasing an item over a period of time. Once having paid an initial deposit the balance of capital and interest accrued are repaid in fixed monthly payments. Repayment periods can run from 1 to 5 years and upon full repayment of the facility, ownership of vehicle rests with you or your business.
Contract Hire
Gives you a total, fixed cost motoring package. With a low initial outlay (usually only 3 months' rentals in advance) and fixed monthly rentals, you'll know exactly what your monthly motoring costs will be. At the end of the agreement you simply hand the vehicle back to the Contract Hire company and subject to mileage and condition walk away with nothing more to pay. Contract hire is efficient because the vehicle is treated as "off balance sheet" which improves the gearing ratio in your accounts. The rentals or a proportion of them can be offset against taxable profits for maximum tax efficiency. As with leasing, if your business is VAT registered you can also reclaim 50 % of the VAT on the finance element of the rentals or 100% if the vehicle is used exclusively for business use.
Lease Purchase
Provides all the advantages associated with Hire Purchase, including being able to claim writing down allowances and offset interest charges against tax, without having to fund the full cost of the vehicle straight away. In addition, by offering an array of rental patterns, our Lease Purchase Plan provides a far more flexible option. Monthly payments may be reduced by the inclusion of a deferred final payment. This lump sum is based upon the estimated residual value of the motor vehicle at the end of the facility. At the end of the agreement you have a choice of either paying the lump sum and keeping the vehicle, or part exchanging it, using any remaining amount towards a deposit on a replacement vehicle.
Personal Contract Purchase
PCP is a purchase plan, which, unlike conventional car purchase, can offer a lot more flexibility and a lot more features. The agreement term normally runs for 3 years and at the end of this you are given a choice of a) Another car - Simply sell or part exchange the car against a new one. b) Keep the car by paying off the Guaranteed Future Value. c) Return the car to the funder - subject to the mileage and condition terms.