Balanced Payments - Standard Variable Rate Plan – The features
A Balanced Payments Plan or Standard Variable Rate Plan is for all contracts over 25.5k and offers all the benefits of a fixed monthly payment. Whereas the interest charged on a Hire Purchase agreement is fixed, a Balanced Payments Plan tracks the finance house base rate. As rates rise and fall so do the interest charges.
Balanced Payment Plans with a final “balloon” payment are also available.
How it works
Pay a deposit and you then decide on your monthly term between 24 and 60 months.
Decide if you want to opt for a final “balloon” payment.
At the end of the term any fluctuation on the interest rate is calculated and either charged or credited back to you.
Balanced Payments Plan - The benefits
Minimum Interest Penalty Charges – For early settlement and you take advantage of lump sum payments.
Better car - lower payments than standard Hire Purchase allow you to purchase a better car for your budget.
Flexibility - Not using your personal bank facility with a vehicle purchase gives you greater financial flexibility.
Low Deposit – Doesn’t tie up valuable cash reserves.
Fixed monthly payment – perfect for budgeting.
Tax benefits – Speak to one of our Client Managers about tax allowances for business users.
Save - If interest rates fall, so does your interest.
No VAT - There are no VAT payments on Balanced Payment Plans.
Our balanced payment car finance packages are available (subject to status and finance company underwriting criteria) exclusively to;
• LIMITED COMPANIES/LLP
• PARTNERSHIPS
• SOLE TRADERS/SELF EMPLOYED
• DIRECTORS
• HIGH NET WORTH INDIVIDUALS
Call 08455 193 293 or apply online for a FREE QUOTATION.
VIPcarfinance are a division of AutoVIP Group Ltd.
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